USD/JPY - 4HR Chart
We've seen a bounce off our long term ascending trendline. Bullish cycle upwards imminent? Will we see price follow our forecasted price path?
Do not use trendlines alone to take trades, however - they can be great to help you identify the trend on the HTF.
Price has broken out of our range to the downside, following our forecasted price path. Lets see if we get any retracement to test our range support level as confirmation to enter a sell position.
Bulls failed to create a new high in the market before bears took over and since we've seen a strong break of our range support.
Keep your eyes on this one! Check out...
We can see price has retraced to retest our previous resistance zone before bouncing to the upside.
Once again, a classic break and retest setup on this pair.
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We can see we predicted a break of this level and a pullback up to test the level as resistance.
We have seen this. Lets watch and see how price reacts at this level. Will we see further downside movement off this level?