USDJPY AT SWING HIGH AFTER NUMEROUS ATTEMPT TO CLOSE ABOVE IT BUT FAILED,
CREATING MANY PIN BARS (D1) AND A TRIANGLE CONSOLIDATION PATTERN (H4) AT THE SWING HIGH 121.5.
NOTE:
H4 50 SMA APPROACHING AT 121. PRICE DIRECTION WILL DEPEND ON WHETHER IT IS REJECTED OR CLOSED BELOW THE H4 50SMA.
DO NOT ENTER BUY IF PRICE MANAGES TO CLOSE ABOVE 121.5 ON THE H4 OR EVEN D1. IT IS TOO EXPENSIVE TO BUY INTO USDJPY CURRENTLY.
HOWEVER, DO NOT ENTER SHORT TOO AS USD IS STRONG ATM AND ANY ATTEMPT TO SHORT THIS PAIR MAY BE SHORT LIVED WITH BUY ORDERS LYING AROUND 120 - 121.
LOOK FOR A BUYING OPPORTUNITY, PREFERABLY 120.5 DEPENDING ON PRICE ACTION H4.
CREATING MANY PIN BARS (D1) AND A TRIANGLE CONSOLIDATION PATTERN (H4) AT THE SWING HIGH 121.5.
NOTE:
H4 50 SMA APPROACHING AT 121. PRICE DIRECTION WILL DEPEND ON WHETHER IT IS REJECTED OR CLOSED BELOW THE H4 50SMA.
DO NOT ENTER BUY IF PRICE MANAGES TO CLOSE ABOVE 121.5 ON THE H4 OR EVEN D1. IT IS TOO EXPENSIVE TO BUY INTO USDJPY CURRENTLY.
HOWEVER, DO NOT ENTER SHORT TOO AS USD IS STRONG ATM AND ANY ATTEMPT TO SHORT THIS PAIR MAY BE SHORT LIVED WITH BUY ORDERS LYING AROUND 120 - 121.
LOOK FOR A BUYING OPPORTUNITY, PREFERABLY 120.5 DEPENDING ON PRICE ACTION H4.