Expecting JPY to reverse and stay bullish; as the price of the UJ have been overbought, in this strong bullish impulse if price drops it would drop heavily most of the time.
Let's wait and see how price react at our designated selling zone.
Pretty strong uptrend. But, everything has a beginning and an end. An ascending wedge is forming locally, I think that from the resistance the price will fall.
I understand your idea behind this UJ short, however don't you think it' really very early to talk about short here, it's breaking long and long, no signs of bears yet
Setupsfx_
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@DemoDiaryFX_Trading yes you are right about UJ being too bullish and it has been the case since long time now. Though my initial thought about this pair was the same as you. However, if we look into the perspective of liquidity point, for many big buyers it would not be ideal to continue buying UJ. Therefore, I expect prices to drop at least 200 pips from the point of our rejection area.
DemoDiaryFX_Trading
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@Setupsfx_, thank for this. yes, definetely that's a possibility. To further discuss, I think there's still a very high chance of a relatively big break to the upside, for the big money to start taking profits after it, something like with the previous high..
and one more point, for me personally, for keeping it long for now, is that there's no real bearishness in the market yet, and I usually like to see some kind of distribution and confirmation that bear came in. Otherwise, for me it's like trying to pick the top, which I can't do and don't know how to do it :)