Major trendline broken and closed above on volume. Trump winning the election swing quickly recouped losses and a break above 107.39 could see further continuation as long as this level holds and we get a close above it. First minor resistance comes in around 108.45.22 and major resistance comes in from 111 (cluster of lows and highs) to 112 (50% Fib coming in at 111.37)
Comment:
Very overbought coming into the 38.2 Fib. Could see a pullback before another leg higher
Trade closed: target reached:
First minor resistance reached
Comment:
Pullback as discussed. 107.40-50 key for another leg higher into 111
Trade active:
Broke yesterdays high. Continuation of the move into 111. Clusters of minor levels above here so PA could slow down
Comment:
Just entered a cluster of lows and highs. Should see some resistance here
Comment:
Previous comment as price is around 109.10-20
Comment:
Price Action slowing down as discussed. Very overbought coming into this area. We need to see some accumulation and position building for another push higher into the major 111-112 area.
Comment:
Testing yesterdays highs after holding minor resistance as discussed above. Should see it hit major resistance (111-112) if we can get a close above yesterdays high
Comment:
Closed above the high and opened and broke yesterday's high also. Very aggressive PA. Could see it hit resistance as early as today.
Trade closed: target reached:
7 pips from resistance. Should see it slow down up here
Comment:
Sellers stepped in as USDJPY approached major resistance levels just before 111