Opportunity for quick bucks...
Take long for target upto supply zone.
Major support zone was broken so JPY yen will test this zone again before falling further.
Entry at cmp
Target- supply zone
SL- as per your risk appetite.
JPYINR has been trending in a range since March 2020. Recently, it has been again towards the upper edge of the range channel. But this time, I am bullish biased on this pair. This is mainly because of 2 reasons:
1. There is an upward trendline which it has been respecting and rather it has just touched it again.
2. There has been a support area which it has been...
As published few weeks back, JPYINR is still within the same range, that it has been since last few months.
It touched the lower edge and started again the upward journey.
With the current structure, it probably should reach levels of 72 in next few days.
JPYINR has been range bound for almost 5 months now. Again, it has touched the lowed edge of the range and a critical area to plan the next action.
I personally feel it would bounce up from this point and move again towards 72.00 price range.
Refer the linked idea for multi time frame analysis on 14.06.2020.
This post is in continuation to it.
That's the correction spotted within the channel is what I was looking for.
Expected support at 0.702
Enter long upon break out of channel resistance.
Trade : Long
Stop loss: 0.6870
Target 1: 0.72177.
Target 2: Upon 1W close above 0.72177, Hold until reversal pattern is formed.
Remarks: Recently price had broke above the triangle correction pattern.
Please support with your agreements and disagreements. Please comment and I am open for discussions.
Thank you Friends
Breaking below the 5 week support, price action validated the down trend line.
It continued to drive below the low of April 2020, which invalidated the expectation of support at disjoint angle.
Trend is bearish until the price offers further clues on reversal.
However not to be in a hurry to catch the running market.
Lets wait for the price to...