USDJPY has been very bullish last week, I see price moving higher. Before another bullish move, price needs to come down for liquidity. I wanna see price come back down and retest 112.000-112.200 and then moving back up to fill in the daily wick A break below 112.000, price will move lower to retest that daily broken zone at 111.300-111.400 . Expecting price to move to 113.00-113-200 major supple zone. A break below 112.000.
The hammer and the positive conformation indicate the that the price might move higher even without testing the support
ftonialfred
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@ShanmukhamKumarappan, yea that is a possibility, but its also a new week with some new buyers and new sellers. Will have to wait and see how the market sets up
ShanmukhamKumarappan
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@ftonialfred, but now that I examine the ichimoku cloud , I see that that the price has closed below the cloud , meaning that it could move further down thus validating your assumption.
ftonialfred
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@ShanmukhamKumarappan, I don't use any of those indicators, my analysis is all price action. But we will see what happens, trades will be taken as what price shows me especially Monday and Tuesday, not what I think.
ShanmukhamKumarappan
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@ftonialfred, I don't really understand what price action really means - does it include only support/ resistance and candlestick analysis?
ftonialfred
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@ShanmukhamKumarappan, That and also understanding market structure and different market conditions.