The Greenback began a downward spiral at the beginning of last week as it came under strong Bearish pressure with the souring market sentiment to Breakdown my Key level @ 106.500 later in the week. With over 125pips in our direction since my last publication on this pair (see link below for reference purposes); the scope of the USDJPY pair to extend the decline becomes more pronounced.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Support & Resistance | Supply & Demand
Observation: i. Price action fell into an indecision pattern since early June 2020 to finally Breakdown of the Channel late last week.
ii. Breakdown off of 106.500 signals an extension in the decline of the USD as I anticipate a correction into this level for rally continuation.
iii. A Breakdown coinciding with Bearish Trendline @ 106.000 further confirms my bias.
Trading plan: SELL confirmation with a minimum potential profit of 160 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Support & Resistance | Supply & Demand
Observation: i. Price action fell into an indecision pattern since early June 2020 to finally Breakdown of the Channel late last week.
ii. Breakdown off of 106.500 signals an extension in the decline of the USD as I anticipate a correction into this level for rally continuation.
iii. A Breakdown coinciding with Bearish Trendline @ 106.000 further confirms my bias.
Trading plan: SELL confirmation with a minimum potential profit of 160 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
