USDJPY Short and Long Cases. Short Term Opportunities
1. Ideally I would like to price trace on the path of '1' to at least the open space on the trendline. The trendline is steep as is and there is no need to force it. We may find bullish momentum later tonight to fill this space. A bounce and continuation to the downside would be the ideal trade.
1b.The additional option for the path taken through '1' is a break and retest bullishly to the upside to 112.050 above those highs, where liquidity is at and a possible scaring of sellers whose stops are waiting to be taken.
2. The label suggest that the trendline holds, (very unlikely) and continues down. Anything can happen thou. Again I think the trendline is too steep for such continuation.
3. (Inside Double bottom) A term I use to suggest what price is now forming. A higher low(HL) form with a well established low. Here is where we may find this bullish momentum mention in 1.
All in all I'm a scalper of the market. Where ever the tide flow I will evaluate closely and trade accordingly.
Best wishes
1b.The additional option for the path taken through '1' is a break and retest bullishly to the upside to 112.050 above those highs, where liquidity is at and a possible scaring of sellers whose stops are waiting to be taken.
2. The label suggest that the trendline holds, (very unlikely) and continues down. Anything can happen thou. Again I think the trendline is too steep for such continuation.
3. (Inside Double bottom) A term I use to suggest what price is now forming. A higher low(HL) form with a well established low. Here is where we may find this bullish momentum mention in 1.
All in all I'm a scalper of the market. Where ever the tide flow I will evaluate closely and trade accordingly.
Best wishes