I expect more price action on this pair despite the japanese recession as the USD bulls look to be losing steam across the majors.
Most people are taught to short when price breaks the neckline which is drawn by a here at 122.188
I have noticed price almost always bounces up here significantly to suck in more weak shorts and create liquidity for the bigger move.
I expect to see price hit the neckline. Maybe pierce it but then retrace back to roughly the middle at 122.894
From here I expect a sharp sell off towards lower order blocks which I have targeted.
The week ahead is key for the dollar. Dec NFP could be crucial to US Hike bets likelihood. If the numbers are negative all bets are off imo, if its positive we will see how strong the dollar is. Keep an eye on USDX (DXY) Been pushing higher and selling off then pushing higher. New highs? I feel like an explosion is coming in the markets.
ALL OPINION. NOT ADVICE