Bearish on UJ, Awaiting Confirmation
UJ bullish momentum continue with dollar in strength, Overall stock market bullish and lead to traders and investor shift out their position in safe haven and lead to jpy further weakening.
The price has come to 110.X level where multiple resistance is awaiting it to challenge. From 4 hours time frame we are able to see the bullish momentum has lose steam, demand is unable to cope with the supply while the bears are slowly marching in to push the price back to its once resistance and see whether the price can find its demand there.
108.3-108.4 will be one of the key fibo retrenchment to look at before it test 107, 200MA and see whether the support can hold. Most likely consolidation will occur at 106 to 109 area before Fed annoucement happen.
The price has come to 110.X level where multiple resistance is awaiting it to challenge. From 4 hours time frame we are able to see the bullish momentum has lose steam, demand is unable to cope with the supply while the bears are slowly marching in to push the price back to its once resistance and see whether the price can find its demand there.
108.3-108.4 will be one of the key fibo retrenchment to look at before it test 107, 200MA and see whether the support can hold. Most likely consolidation will occur at 106 to 109 area before Fed annoucement happen.
Trade active:
The 111 area resistance break and now tested 114 area. Seem like a failed attempt, waiting confirmation to short before it retrace back to 111 area.
