USDJPY has gained for 3 consecutive days just before it fell yesterday which has wiped out the entire gains on Tuesday.
The fall caused a broke below of a rising wedge which gives a higher probability for the price to fall further.
Wait for the price to retrace and retest at or near the bottom of the rising wedge.
Target profit is seen at the demand zone around...
A short-term selling opportunity for EURUSD as the dollar is technically oversold.
The bull strength is seen exhausted since it reached 1.142.
Then there's a remaining strength which pushed the price into the 1.145 supply zone, forming a minor rising wedge.
This minor rising wedge that ends in the supply zone is a strong sign that the bull is over.
After it broke...
on the eur/gbp there seems to be a basic support and resistance channel going on. Delving in to the 4hr timeframe, I see a rising wedge pattern WHICH could also be a double bottom as well.
Either price will break out of the rising wedge and retest support OR it could break above the rising wedge and go up. Either choice is up to preference of trading style.
We see some good jumps on the chart, is it possible that it is time for a pullback by this rising wedge?
The wedge is closing in so the answer is near, just like the USDCHF trade I'm not trading it yet.
Would like some feedback, or a like!
Thanks for reading
I have been doing some technical analysis on NZD/JPY pair and as you can see a clear rising wedge formation is occuring. The blue lines are weekly trend and resistance areas. The Red line is the Daily Trend line and the entry would be taken on the 4hr. Wait for key price action we need to see a clear break of the trend line with an engulfing bearish candle so be...
Our last call was short and trade reached the first target. - see attached -
Again a rising wedge pattern is being printed on H4 chart.
Add Short at the potential breakout.
Targets as mentioned on the chart.
We have the following factors:
H1 Rising Wedge (blue lines) + RSI Divergence
Good Price Reversal Zone
61.8 Fib Retracement
+ Clear PA confirmation in between the green dotted lines
+ Uptrend breakout
*otherwise I wouldn't advice taking this trade
Comments and Questions are Welcome!
Watching price movement on /ES and the overall market. We're patiently waiting for those large-cap earnings reports this week...So, expect some volatility and price swings. As of now, the market is tilting to a bearish pullback but will watch how it tests those supports. I'm rather indifferent for now and waiting to see a break of sorts play out. Tight ranges.......
The price is making a very sharp move towards last years resistance forming a "Rising Wedge". My prediction is it will test the resistance before falling down. Take profit at the first level where the wedge trend line is formed. This is valid in all the hourly time frames, might be a long term short position.