Price has been in a Descending Channel since February this year (7 months now). The medium-term outlook for the US Dollar is poor and Safe-haven currencies like JPY are still preferred.
There is a Strong Confluence of Resistance at the 106.60 - 107.40 area. This is the Sweet Spot..🤗🤗
We have Four (4) types of resistance in this area.
-Round Number Resistance at 107
-Horizontal Resistance at 107.30
-61.8% Fibonacci Resistance at 106.60
-Trendline Resistance at 107.30
Trade Idea
First Move (Sell)
Looking to sell when price gets to the Tested Horizontal Resistance on the Chart with Target TP at 106
Second Move (Buy)
Join the Bulls in the retracement move to retest the 107 level. Target TP is 106.75
Third Move (Sell) (Main Plan)
This is my main plan and this should have the biggest reward/profit. After the Second Move, I will wait for price to get to the Sweet Spot at 106.85 and then Sell. Target TP1 is at 105.20 and Target TP2 is at 103.10
As usual we enter all trades with a tight stop loss to reduce the risk. Cheers!!
There is a Strong Confluence of Resistance at the 106.60 - 107.40 area. This is the Sweet Spot..🤗🤗
We have Four (4) types of resistance in this area.
-Round Number Resistance at 107
-Horizontal Resistance at 107.30
-61.8% Fibonacci Resistance at 106.60
-Trendline Resistance at 107.30
Trade Idea
First Move (Sell)
Looking to sell when price gets to the Tested Horizontal Resistance on the Chart with Target TP at 106
Second Move (Buy)
Join the Bulls in the retracement move to retest the 107 level. Target TP is 106.75
Third Move (Sell) (Main Plan)
This is my main plan and this should have the biggest reward/profit. After the Second Move, I will wait for price to get to the Sweet Spot at 106.85 and then Sell. Target TP1 is at 105.20 and Target TP2 is at 103.10
As usual we enter all trades with a tight stop loss to reduce the risk. Cheers!!