In Friday's (5th Feb) analysis, I talked about a potential rejection at the 105.70 resistance zone due to the over-extended condition, which was exactly what the market performed. But I've noticed that the rejection was strong, but the follow up was weak. Noticed that despite the strong bearish engulfing candle, buyers' still managed to take control of the bearish pressure. In today's trading session, I will remain neutral bias. Preferably, I would like to see buyers' slowly push the price upwards, digesting the bearish engulfing pattern while trapping the sellers, with 106.06 as target. But be aware that if there's a second rejection off the 105.60 - 105.70 resistance zone, that forms a double top pattern possibly sending UJ back to 104.70 support zone.
However, do not forget the overall trend on the higher timeframe remains bearish. If you're keen to learn how I've Identified a bullish reversal since 6th Jan, I will link them in the comment section below.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
However, do not forget the overall trend on the higher timeframe remains bearish. If you're keen to learn how I've Identified a bullish reversal since 6th Jan, I will link them in the comment section below.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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