From the weekly perspective, price is sitting around the weekly minor structure and expect is going to the downside (Weekly Support) to grab some liquidity before it going to the upside. But from the daily perspective, the price was broke back above this structure on Friday, it may result a continuation to push to the upside.
From the COT perspective, hedge funds are bullish bias on the JPY, more long opened than the short they had opened. And during the economic crisis, we are having right now, all the money should flow into the JPY, since JPY is a safe haven currency, so a further downside for all JPY pairs is expected.
The proper way to approaching this pair is to waiting for the price break below the new daily structure and retest it. If the price managed to do it, I will switch to 4H perspective, and waiting for the market to provide to me one of my rules then I will take a nice short on UJ with a good RR. Shorting at the current price is not a smart way, because the price may be easily rejected from the daily structure and continue to push to the upside.
Always reactive to the market instead of predictive it, this analysis is based on technical and COT perspective.
Comment below and let me know your thought on UJ.
From the COT perspective, hedge funds are bullish bias on the JPY, more long opened than the short they had opened. And during the economic crisis, we are having right now, all the money should flow into the JPY, since JPY is a safe haven currency, so a further downside for all JPY pairs is expected.
The proper way to approaching this pair is to waiting for the price break below the new daily structure and retest it. If the price managed to do it, I will switch to 4H perspective, and waiting for the market to provide to me one of my rules then I will take a nice short on UJ with a good RR. Shorting at the current price is not a smart way, because the price may be easily rejected from the daily structure and continue to push to the upside.
Always reactive to the market instead of predictive it, this analysis is based on technical and COT perspective.
Comment below and let me know your thought on UJ.