50% FIB SELL PRICE ... ¥112.725
From 02FEB'14 USD/JPY has been trading in a range from yearly low @ 100.776 to ALL TIME HIGH @ 125.856. Currently price is reacting to MN chart low @ 115.563 , acting as resistance as price failed to close above. A MN supply peak is in control with proximal price @ 114.436.
On the W chart price is also trading in a range with high @ 116.351 and low @ 112.725 and WEEKLY supply peak @ with proximal price @ 115.228 in control.
The D timeframe , price reacted to bullish trendline acting as dynamic support indicating presence of bullish momentum in price as price failed to close and form full OHLC candlesticks below it and instead push price higher.
I am looking for price to push higher as i want to short the currency pair at daily supply @ proximal price ; 115.533 which is at 50% retracement level with targets at MN low @ 112.725.
alternatively , price may fail to reach the highs i am looking at and fall as it is in areas of strong supply , but that is an idea for another day.
“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” ― Pablo Picasso, painter
On the W chart price is also trading in a range with high @ 116.351 and low @ 112.725 and WEEKLY supply peak @ with proximal price @ 115.228 in control.
The D timeframe , price reacted to bullish trendline acting as dynamic support indicating presence of bullish momentum in price as price failed to close and form full OHLC candlesticks below it and instead push price higher.
I am looking for price to push higher as i want to short the currency pair at daily supply @ proximal price ; 115.533 which is at 50% retracement level with targets at MN low @ 112.725.
alternatively , price may fail to reach the highs i am looking at and fall as it is in areas of strong supply , but that is an idea for another day.
“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” ― Pablo Picasso, painter
Trade active:
price managed to push up like i predicted now sell order active from 115.533