OrangeTrader93

USDJPY Strong Swing Entry Position Indicated

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
//Price Action Analysis//
The candle will close @ 0200 UTC giving us an indication of whether or not UJ will continue trading along with the dynamic support line that makes the chart pattern.
Comment: Sellers are holding the price level hostage at 104.05. We will need the price to close above this level for the market to move up. NY market had created a weekly low revealing a head and shoulders pattern, continuing a bearish sentiment. We may see prices move down to 103.3 by this week. We will see an increase in trading volume tomorrow starting at 1300 UTC till Thursday at 2200 UTC.
Comment: The moral of the story here, wait for price confirmation and look at volume.

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