Potential accumulation on hourly time frame. Looking for price to use prior month low as support level along with support level drawn on hourly chart.
Still in the infancy stages. Next month could see the uptrend resume. Could be a good entry for a few month hold.
I love that large reward to risk 10+, 20+, 30+
OANDA:XAUJPY
Looking to go long on the breakout of last swing high. The swing high coincides with prior year high. Track the breakout on the 20 SMA to gauge speed of the move and when to exist a portion of the position.
I'm looking to hold onto at least half of this position in hopes of catching the May monthly range and maybe a longer term trend.
Trying to build multiple...
Analysis
-XAUJPY looking bullish after showing signs of a reversal. Sellers pushed price down into support but the following day, buyers bid up the price to back above support before the second daily candle close.
-The 2 candle price action resulted in a bullish engulfing setup AT SUPPORT which is a bullish sign.
-The third day (after daily bullish engulfing...
XAUJPY has been trading within a 1D Channel Up that is now on its Higher Low limit (RSI = 50.211, Highs/Lows = 0.0000, MACD = 335.230). The declining Higher High sequence however may push this time slightly lower creating an alternative marginally tilted Channel Up (dashed parallel lines). The long TP is 142915.
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it may be strange that I am bearish on XAUUSD but bulliish on XAUJPY.
However, above statements can be tenable because I am also very bullish on USDJPY.
XAU: With increasing risks of emerging markets like Turkey, people tends to buy GOLD in order to protect their purchasing powers. As a result, the demand of Gold increases.
JPY: In mid terms (within 1-2 years) , it is expected that BoJ will not raise the interest rate due to the slow economic and inflation growth. Therefore, it is expected that JPY will not...
when we talk about JAPANESE YEN VERSUS GOLD we are talking about safe haven currencies both of them in same needs and same movements versus USD .
so when we wanna know JPY and Gold real way you should track this pair.
overall
XAUJPY looks below weekly uptrend for the second week in succession but it looks failed to broke daily uptrend
so i will stay watching...
Good Retracement of XAUJPY.
Liability Disclaimer: All trades posted here are my personal view of the market. Please do your own research before to trade and you are responsible for your own entries, SL, TP, and Exit.
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