USDJPY - 1D - Still Staying Within The Channel, Not For Long?
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Underlying:USDJPY
Time frame:1D
So USDJPY is still sticking to the range... but for how much longer? I recently just posted about possily seeing more USD strength (chart below). Since last posting this chart this pair has tried punching above the range but was rejected each time, shown in the form of "dojis" or "candle tops". I have also noticed that the MACD indicator looks like it is about to cross over, I think this is a false signal... before it does that, the two EMA's need to expand from each other once more before then trying to cross. That is the reason I am not shorting at the top of this range.
An added benefit to not getting short here, is that once it break to the upside, you can then short it with a better risk to reward ratio or better probability of profit!
DXY (US DOLLAR) CHART
Underlying:USDJPY
Time frame:1D
So USDJPY is still sticking to the range... but for how much longer? I recently just posted about possily seeing more USD strength (chart below). Since last posting this chart this pair has tried punching above the range but was rejected each time, shown in the form of "dojis" or "candle tops". I have also noticed that the MACD indicator looks like it is about to cross over, I think this is a false signal... before it does that, the two EMA's need to expand from each other once more before then trying to cross. That is the reason I am not shorting at the top of this range.
An added benefit to not getting short here, is that once it break to the upside, you can then short it with a better risk to reward ratio or better probability of profit!
DXY (US DOLLAR) CHART
