NOKJPY is trading within a monthly Rectangle (RSI = 51.832, ADX = 21.125, CCI = 20.9692, Highs/Lows = 0) since early February (13.3500 - 13.900). Since July 10th it has been rejected 3 times on the Resistance so a short has been added, TP = 13.4897.
This is my medium time projection for this pair.
Price getting closer to key level and possibly we might have a bigger wave up as wave of bigger degree correction or breakout of lower trend line and huge wave down which should break previous swing low to complete last impulse to downside on monthly view.
Keep track of this as we will have fantastic opportunity...
My yen index bounced of support on Friday. It reached both the 50% retracement fib and the 61.8% extension of the first swing. Also it reached 2 trendlines, one ascending from the lows, the other forming the support line of a falling wedge.
The RRR lies on the long side against such support.
After reaching the upper medium term band for 15 % width of band as permitted by the monetary policy, the Norwegian central bank and the BOJ undertook market sterilization to slower the strengthening of the NOK in the market. Accordingly, short the current sterilization (short term band) is feasible with the following details:
Short at 14.00 and the current rate...
When markets are uncertain and major pairs and ordinary crosses are hard to trade due to whatever cloud that hangs over them - it is time to look elsewhere for trades for a while.
This is one example. NOKJPY has spiked down to make a multi-year-low, but the structure you see on the chart is fighting back. If you trade based upon trend lines you see that there...