Technical Factors
1. Possible 76% retracement as an optimal entry zone for a short trade. It was briefly pierced but it isn't conclusive.
2. Supporting trendline has been possibly broken but before we enter the trade this needs to be confirmed. As of now it appears price is courting the trendline upwards. A decisive move downwards will give me the greenlight for a short.
3. Important to consider that the EMAs are bullish and going against the trend will lead to a conservative TP at around the 50% retracement zone which coincides with the 400 white EMA "spine."
Fundamental Factors
1. Not really strong, but BOJ governor Kuroda has made dovish statements recently indicating the JPYs excessive weakness.
Looking to enter where the trendline meets the 76 fib. Once we see some bearish confirmation this will likely be a solid trade.
1. Possible 76% retracement as an optimal entry zone for a short trade. It was briefly pierced but it isn't conclusive.
2. Supporting trendline has been possibly broken but before we enter the trade this needs to be confirmed. As of now it appears price is courting the trendline upwards. A decisive move downwards will give me the greenlight for a short.
3. Important to consider that the EMAs are bullish and going against the trend will lead to a conservative TP at around the 50% retracement zone which coincides with the 400 white EMA "spine."
Fundamental Factors
1. Not really strong, but BOJ governor Kuroda has made dovish statements recently indicating the JPYs excessive weakness.
Looking to enter where the trendline meets the 76 fib. Once we see some bearish confirmation this will likely be a solid trade.