USDJPY being working exactly as the analysis (for now)
1- after reaching the bottom of the parallel channel it made a pull back 50+ pips
2- Went up once again and this time established itself inside the parallel channel (bullish sign)
3- Then again out of the channel just to retest the confluence it formed before (120.6)
4- Went up again to face resistance of the fib level 0.618 which ended up pushing to 1.272 (had a small resistance) and then to 1.618 (another small resistance)
5- Finally reached the top of the inside parallel channel and now we are seeing another pullback because of that resistance aswell as the Weekly resistance
IS THIS A SHORT? NOT UNTIL WE SEE A HIGHER TIME FRAME CONFIRMATION
IS RSI OVERBOUGHT? Absolutely, but that doesnt mean much rn
1- after reaching the bottom of the parallel channel it made a pull back 50+ pips
2- Went up once again and this time established itself inside the parallel channel (bullish sign)
3- Then again out of the channel just to retest the confluence it formed before (120.6)
4- Went up again to face resistance of the fib level 0.618 which ended up pushing to 1.272 (had a small resistance) and then to 1.618 (another small resistance)
5- Finally reached the top of the inside parallel channel and now we are seeing another pullback because of that resistance aswell as the Weekly resistance
IS THIS A SHORT? NOT UNTIL WE SEE A HIGHER TIME FRAME CONFIRMATION
IS RSI OVERBOUGHT? Absolutely, but that doesnt mean much rn
kind of scary how exact was the analysis considering it was made back in 2021