Monthly: On the monthly timeframe price is in an uptrend, and last month printed a bearish very nice pin bar on the monthly resistance. (indicating the bullish trend resuming on the monthly). In addition to that EMAS on the monthly have just crossed bullish. Also fib rejection on monthly.
Weekly: On the weekly timeframe, price is also in an uptrend, and has just...
First of all , monthly resistance has been broken last month by a bullish candle with a long wick at the bottom ( buying pressure)
Secondly , on the weekly timeframe, price printed last week a big bullish candle with small wick at the top indication the small bearish candle that retested the broken daily resistance turned support on the daily timeframe.
Finally,...
Price on a weekly time frame is in an uptrend, even though last week candle close was bearish engulfing , however this is probably a retracement on weekly time frame . ( we also have fib rejection on EMAS at weekly. )
At daily we have very strong entry price action confirming the weekly view.
Watchlist: On a daily timeframe , price printed bullish pin bar on thursday , confluencing with a fib level and 50 ema . So the downtrend on the daily timeframe could be a retracement for the uptrend on the weekly timeframe.
On the daily time frame , price is in a downtrend, formed a bearish candle with big body and big wick at the top signlisasing the end of the retracement. Many conferences are in this zone like 20 EMA rejection and fib 38% and its the weekly resistance zone.
Good RR, so a short position will be taken
( weekly monthly agreeing ) .
On the daily time frame price touched for the 3rd time the daily trendline and is in a uptrend , and retracement and printed a bullish indecision candle.
Even Though USD/JPY is in a bearish downtrend, after the recent trendline touch , the downtrend may be a retracement on a higher timeframe. The zone of the trendline touch have major confluence for a bullish position : a monthly support rejection , trendline rejection and 50 EMA rejection .
On the weekly timeframe price is consolidation between the two monthly...
