UJ was under huge selling pressure on Friday, however, there is some bullish pressure come in before the market close at H4 time frame.
This pair would likely to undergo 2 scenario:
1)where the price comes to retest the resistance again and head south further (bearish flag pattern at H1) or;
2)manage to break out the resistant. If price manage to closed above the blue zone 106.50, it could be a bullish signal to be under control where the next target likely to be around 108.
Personally have a sell bias on this UJ
Take note that FOMC is about to due at 31 July @ 2am MYT, where FED is expected to held rate unchanged at 0.25%.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
This pair would likely to undergo 2 scenario:
1)where the price comes to retest the resistance again and head south further (bearish flag pattern at H1) or;
2)manage to break out the resistant. If price manage to closed above the blue zone 106.50, it could be a bullish signal to be under control where the next target likely to be around 108.
Personally have a sell bias on this UJ
Take note that FOMC is about to due at 31 July @ 2am MYT, where FED is expected to held rate unchanged at 0.25%.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority