Mid-term I am expecting a move to higher highs - 418 minimum, but possibly as high as 430s. Near-term, however, there is still some risk for further downside to around 389 unless the following conditions are met:
- Red funnel is overall selling pressure, orange is local selling pressure
- Green funnel is overall buying pressure, blue is local buying pressure
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USDJPY reacting from the tap of a Monthly supply zone, but the Bulls are not giving in to the Bears.
Price been ranging from days after the expansion and now USDJPY have formed a triangular pattern.
Will the Bears take dominion at the end of the range or the Bulls continue the trend?
Do not guess or predict, but follow what you can see and comprehend.
The Situation H1 :-
- 5 Day MA (Moving Average - Green) crosses 10 Day MA (Yellow) - Bull (see first thumbs up)
- 5 & 10 Day MA cross 50 Day MA (Red) - Bull (see second thumbs up)
- See Top Fib level for swing price action, predictive indicators below;
1) As long as 50 Day MA stays below 5 & 10 Day MAs - Bull/ Level Broken Higher Highs
2) If 5...
