Hey everyone! Hope you are all having a blessed and prosperous weekend so far! Just finished at Church and wanted to make this post coming into the next week! This is a forecasting prediction nothing is 100% in trading or investing this is just my bias and outlook based my experience and reading of price action. SO LETS DIVE IN!
OK so I am looking at potential upcoming shorts here on USDJPY! As you can see from a couple years ago we had a large push to the downside from the USD VS THE JPY and price has been slowly and surely working to recover from that large supply driven move in the market. Now a couple years later we can see price has recovered about 80%, but seems to be getting overextended and showing signs of potential exhaustion, which leads to a potential reversal opportunity in this market! let's break down the technical!
You can see on the 1D timeframe that price is now coming up into a strong weekly supply level that is very very significant for this pair. You can see that the market cycle is (mature) in the trend leaving a higher probability for reversal or relief to the downside on this pair! Basically I'm waiting to see if the market that was supply driven from a couple years ago will have some follow through and drive prices even lower! Extreme divergent highs are forming on the 1D timeframe leading me to have a bias of potential shorts from this strong supply level. I expect price to dance around a little at these levels before seeing any significant momentum move. So stay patient, follow your rules, and remember trading is all about probability! NOTHING IS EVER GUARANTEED. Thanks for following!
Please and like and follow my page for more highly profitable analysis and trade setups!
P.S. THIS IS A LONGER TERM OUTLOOK SO EXPECT SOME TIME FOR THIS TO COME TO FRUITION.
CHEERS!
OK so I am looking at potential upcoming shorts here on USDJPY! As you can see from a couple years ago we had a large push to the downside from the USD VS THE JPY and price has been slowly and surely working to recover from that large supply driven move in the market. Now a couple years later we can see price has recovered about 80%, but seems to be getting overextended and showing signs of potential exhaustion, which leads to a potential reversal opportunity in this market! let's break down the technical!
You can see on the 1D timeframe that price is now coming up into a strong weekly supply level that is very very significant for this pair. You can see that the market cycle is (mature) in the trend leaving a higher probability for reversal or relief to the downside on this pair! Basically I'm waiting to see if the market that was supply driven from a couple years ago will have some follow through and drive prices even lower! Extreme divergent highs are forming on the 1D timeframe leading me to have a bias of potential shorts from this strong supply level. I expect price to dance around a little at these levels before seeing any significant momentum move. So stay patient, follow your rules, and remember trading is all about probability! NOTHING IS EVER GUARANTEED. Thanks for following!
Please and like and follow my page for more highly profitable analysis and trade setups!
P.S. THIS IS A LONGER TERM OUTLOOK SO EXPECT SOME TIME FOR THIS TO COME TO FRUITION.
CHEERS!
Comment:
Starting to see some bearish strength come in on the daily for this! Keep watching
Comment:
UJ is sitting at decision point. If we see a strong seller come in on the Daily, can be looking for some swing short setups! Sitting at a crucial supply.. cheers!
Order cancelled:
Price action not acting how I personally like to look for seller reversals. On to the next! Cheers!