With UJ finishing out the week bearish and all trade Take Profit hit at 109.05, I took a fresh look at this pair from the monthly down.
Monthly: Showing signs of bearish engulfing candles and MA's crossing over which indicates structure break. Weekly: Bearish engulfing broke structure and made a retrace wick up to a MAJOR weekly level @ 111.000. Be observant of why this pair retested that level (structure). Daily: Created Lower High at my 38.2 line / weekly level / structure. Price also retested trend line which will soon show a breakthrough or rejection. Multiple confirmations for new lows on this time frame.
I am still bearish on this pair and the Dollar. I want to see price breakthrough my monthly line and trend line to create new lows. This should not be hard if bears stay in market. Remember this is plain Technical Analysis based off pure structure. I never marry a direction, just react with what is shown to me.
I will update charts after Sunday and provide any more analysis to help with entering this pair this week. Stay safe and be sure to put in that weekend Chart Time.
Update: TP almost hit for Sunday. Price continued down as expected. Will wait for break of 4 hour Market Structure
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BeattheMarketMaker
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UJ is going up man. Its about to break out to the upside especially with the news. Learn what the "Breach" is. You will see its 90% accurate. Its developing the W formation. Just wait on it. After its gonna shoot up.
draked11
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@enoga, just my viewpoint with current market stand point. I don't expect anything from the market. Yes UJ could definitely bounce off my monthly zone & trend line and reject to the upside but it could just as easily continue down. Will wait for market open and Sunday to see further.
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