USDJPY Daily S/R| Swing High| .618 Fibonacci| Price Action
Evening Traders,
Today’s analysis – USDJPY- tested long liquidity with a bounce probable towards Daily S/R,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(Long Liquidity tapped)
- Daily S/R Resistance
(.618 Fibonacci Confluence)
- Climatic Volume
USDJPY’s immediate price action is impulsive above long liquidity and Local S/R, this allows for a bullish bias.
The Daily S/R is current objective which is also in confluence with the .618 Fibonacci, a rejection here is probable.
The RSI is trading in its bearish control zone, remaining in these levels is indicative of weakness.
The volume profile has a climatic node, indicative of a temporary bottom being set, follow through will be critical.
Overall, in my opinion, USDJPY is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work!
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
Today’s analysis – USDJPY- tested long liquidity with a bounce probable towards Daily S/R,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(Long Liquidity tapped)
- Daily S/R Resistance
(.618 Fibonacci Confluence)
- Climatic Volume
USDJPY’s immediate price action is impulsive above long liquidity and Local S/R, this allows for a bullish bias.
The Daily S/R is current objective which is also in confluence with the .618 Fibonacci, a rejection here is probable.
The RSI is trading in its bearish control zone, remaining in these levels is indicative of weakness.
The volume profile has a climatic node, indicative of a temporary bottom being set, follow through will be critical.
Overall, in my opinion, USDJPY is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work!
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore