Will USD/JPY still retrace or will it continue to go long?
Well well well…this is only my idea
Monthly Chart
When I was checking the pair on the monthly time frame, I saw the candle on June 1st 2017:
Open 110.765
High 111.781
Low 108.808
Close 111.259 (To me, market rejected that price because it bounced up leaving a wick as if it was ready to go long)
Funny because, just last month (May 1st 2017) it seemed as if the market wanted to go down. The candle
Opened at 111.215
High 114.365
Low 110.232 (Disregard the blue colour and percentage)
Close 110.763 – leaving a huge wick on top of the candle. It appeared to me that, no doubt, market was going to continue going short.
Weekly Chart
When I looked on the weekly time frame, I saw a Doji after a bearish candle. The Doji appeared on June 4 2017 it has:
Open 110.341
High 110.807
Low 109.110
Close 110.321
I thought, the market is making up its mind. Then
The following candle on (June 11 2017) has:
Open 110.283
High 111.413
Low 108.808 Also rejected that price like in the monthly low
Close 110.861
So After that Doji and the bullish candle that rejected the low price (108.808) another bullish candle formed on June 18 2017.** It is the current one. It has:
Open 110.851
High 111.781
Low 110.723
Close 111.274
I think that the market is retracing down to pick up momentum to continue to go up.
Daily Chart
On Monday June 19th 2017, there was a formation of a huge bullish candle that had:
Open 110.851
High 111.593
Low 110.723
Close 111.515
When I saw this candle, it made me think that the market was going to continue to go higher. Well, the candle hardly an upper wick. The wick was very short. I figured it would have continue.
Then, the following 3 candles, June 20th, June 21st and June 22nd are bearish candles. They all have little bodies and wicks on both sides that measures 2 to 3 times their bodies, except for the candle that was formed on June 22nd.
I noticed the candle had a longer wick under.
Candle Open 111.371
High 111.441
Low 110.944
Close 111.326
Its longer wick under, made me think as if the market was rejecting that price and was ready to continue going up.
Besides, as a confluence, the candle wick falls on the Fibs at 110.935/38.2%.
Furthermore, the candle that formed on June 23rd is a bullish one.
Is the market ready to continue going up?
Good luck to each one of you!!
Monthly Chart
When I was checking the pair on the monthly time frame, I saw the candle on June 1st 2017:
Open 110.765
High 111.781
Low 108.808
Close 111.259 (To me, market rejected that price because it bounced up leaving a wick as if it was ready to go long)
Funny because, just last month (May 1st 2017) it seemed as if the market wanted to go down. The candle
Opened at 111.215
High 114.365
Low 110.232 (Disregard the blue colour and percentage)
Close 110.763 – leaving a huge wick on top of the candle. It appeared to me that, no doubt, market was going to continue going short.
Weekly Chart
When I looked on the weekly time frame, I saw a Doji after a bearish candle. The Doji appeared on June 4 2017 it has:
Open 110.341
High 110.807
Low 109.110
Close 110.321
I thought, the market is making up its mind. Then
The following candle on (June 11 2017) has:
Open 110.283
High 111.413
Low 108.808 Also rejected that price like in the monthly low
Close 110.861
So After that Doji and the bullish candle that rejected the low price (108.808) another bullish candle formed on June 18 2017.** It is the current one. It has:
Open 110.851
High 111.781
Low 110.723
Close 111.274
I think that the market is retracing down to pick up momentum to continue to go up.
Daily Chart
On Monday June 19th 2017, there was a formation of a huge bullish candle that had:
Open 110.851
High 111.593
Low 110.723
Close 111.515
When I saw this candle, it made me think that the market was going to continue to go higher. Well, the candle hardly an upper wick. The wick was very short. I figured it would have continue.
Then, the following 3 candles, June 20th, June 21st and June 22nd are bearish candles. They all have little bodies and wicks on both sides that measures 2 to 3 times their bodies, except for the candle that was formed on June 22nd.
I noticed the candle had a longer wick under.
Candle Open 111.371
High 111.441
Low 110.944
Close 111.326
Its longer wick under, made me think as if the market was rejecting that price and was ready to continue going up.
Besides, as a confluence, the candle wick falls on the Fibs at 110.935/38.2%.
Furthermore, the candle that formed on June 23rd is a bullish one.
Is the market ready to continue going up?
Good luck to each one of you!!