My first post about this Trade was deleted because I violated some of the rules. I've taken heed to corrections.
The trade has actually displayed levels of corrections.
First, if you zoom in closely on the 4 hour candle stick, you would see that that trade has been trading in a range, and in the process, it formed a head and top pattern, Unless fundamentals
Secondly, if you zoom in on the monthly candle frame, there you would see that it actually hit its all time high (2002), which would see it trading lower for a correction, if it would actually continue up .
Thirdly, when we use the indicator, the Advance decline line, we would find out that the ADL line started trading Lower, while the Currency was still trading higher, and this actually went on for a period of 9 months, which signified that this trade is actually in trouble at this very stage, and we expect the correction to last for quite a while, which might see the USD/JPY trading at between the 110-120 Trading range.
The fourth thing we actually looked out for was the volume pattern, the Largest daily break out candle stick was noticed with a very large volume pattern, which contracted on pullback, and then followed by another increase in Decline Volume pattern, which either means that the Yen is expecting some Good news in their economy.
Generally I can say that the USD to JPY is currently over bought.
Lastly, if you look at the RSI, it's currently over bought too.
I don't know much about how to add pictures to posts, but I would appreciate it the mod can add the pictures to it, as I explained explicitly in details.
DISCLAIMER: DYOR and trade with a nice leverage. This analysis is a long term analysis.
Thanks, LexasSweetBoy
The trade has actually displayed levels of corrections.
First, if you zoom in closely on the 4 hour candle stick, you would see that that trade has been trading in a range, and in the process, it formed a head and top pattern, Unless fundamentals
Secondly, if you zoom in on the monthly candle frame, there you would see that it actually hit its all time high (2002), which would see it trading lower for a correction, if it would actually continue up .
Thirdly, when we use the indicator, the Advance decline line, we would find out that the ADL line started trading Lower, while the Currency was still trading higher, and this actually went on for a period of 9 months, which signified that this trade is actually in trouble at this very stage, and we expect the correction to last for quite a while, which might see the USD/JPY trading at between the 110-120 Trading range.
The fourth thing we actually looked out for was the volume pattern, the Largest daily break out candle stick was noticed with a very large volume pattern, which contracted on pullback, and then followed by another increase in Decline Volume pattern, which either means that the Yen is expecting some Good news in their economy.
Generally I can say that the USD to JPY is currently over bought.
Lastly, if you look at the RSI, it's currently over bought too.
I don't know much about how to add pictures to posts, but I would appreciate it the mod can add the pictures to it, as I explained explicitly in details.
DISCLAIMER: DYOR and trade with a nice leverage. This analysis is a long term analysis.
Thanks, LexasSweetBoy
