Japan’s core consumer price index (CPI) rose to a seven-year high, amidst rising fuel prices and a widening trade deficit to give the Greenback the leverage to thrive. In this video, I shared my technical opinion on my expectation this week as I look forward to retesting of the neckline @ 135.000 zone to join a potential rally.
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I am still anticipating a buying opportunity here which is likely going to happen around the key zone at 135.000 which is the neckline of the reversal pattern identified on the daily time frame. However, a counter-trend opportunity (selling) is possible since the expectation of price coming back into the key zone appears to be in alignment with the current structure (breakout/retest of neckline).
Good morning
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The retracement into the neckline zone at 135.000 appears to have began
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Price tends towards the neckline at 135 zone as projected
Good morning
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Price is back at the entry zone and I was able to identify a bearish trendline here - on the 1H timeframe. So, I expect to see rejection(s) of this line to add more positions. It is also worthy to put into consideration the Jackson Hole Symposium coming up in half an hour as we need to see how price reacts to this symposium.
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Price is back within the zone it started this week as bearish momentum appears to be stalling. Am I going to be stopped out? Time will tell
Thank you again for another great educational tutorial! I now have a better understanding of how to analyze the Monthly and Daily charts. If a picture is worth a thousand words, a video has to be worth a million words. I'm a visual learner. lol Have a blessed and prosperous trading week!