I see USDJPY melting due to several reasons It has been creating LH and LL It has broken the counter trendline (blue) I see it retesting the trendline (red) before going back down The retest of the trendline is not only a support area but also a 61.8% on the fibonacci tool Many confluences for it to keep going down
Is this a possible break out or just a fake break out. I believe this is an actual break out but i expect to come back to retest the trendline before heading back down. Regardless I have a pending buy or sell order depending on whether it returns back into consolidation or continues to move down. I have 20 pip stop losses for both scenarios
There is a possible head and shoulders forming which would prompt EURUSD to go significantly up. Very tight stop loss On the other this pair has been making significant lower lows and lower highs and with a breakout of the trendline I will wait for the retest and then sell. I am currently in the buy with positive 13 pips at the moment
This pair did a false break out and activated my stop loss then went for a bullish run retesting the trendline before going up higher. I see this pair going up as there is news to come. If it cannot break the trendline I will not trade it but you guys should look for shorts. I am sticking to a long position.