About me90% Technical, 10% Fundamental. Disclaimer: Charts posted are my thoughts and opinions on market action, they are NOT recommendations to trade. You should always do your own due diligence before entering a trade.
PA has shot up and I'm waiting for it to hit and do a confirmed bounce off the 1289 area before I enter short targeting 1260. We see a confluence of resistance at 1289 based on re-test of D1 broken TL, resistance cluster, and 61.8 fib based on EW waves.
PA has taken out the large cluster at 1.09 as well as hit hard resistance from the 61.8 fib level. VP is also at a low. Looking for a big reversal back up from here. Two potential targets up top, will update as trade progresses.
PA is currently stalled at the 272, but I believe we will see a further move up to hit the 61.8 fib / upper sell cluster to finish this divergence correction and then we should see a continued drop down as the DXY regains strength.
Looks like USDJPY has a ton of action going on, lots of orders placed everywhere. There is a massive buy stop right above the current swing that will probably get taken out and spike up briefly to test the falling TL before moving back down. If PA can break and hold the falling TL, then we could see a further rise ...