The Bulls with the blessing of the BOJ rammed through 168 and reached a high of 169.50 today. What's next from here?
As the market fully digests the news, the blow off stage will come and we may see a quick corrective leg back to 168.00.
All eyes on BOJ today as they announce their policy rate decision. Nothing much to expect since they often times maintain the loose monetary policies.
Bias today is to go long but the question remains, when and where? Ideal point of entry is a reversal signal near yesterday's low of 166.50 or even lower.
Bears left a mark at 167.00 yesterday and bulls remain weak to go beyond this level. Price has pulled back to 166.40 and we're now waiting for US data at 830pm (GMT+8).
Bulls need to break 167 upwards to keep bears from gaining momentum.
Bears are alive with a significant sell off from 168 to break 167. US Consumer Confidence will be out this 10pm (GMT+8) and we're looking forward to where bulls will pick up the pieces.
166.70 is 50% retracement of the recent bullish leg
166.55 is previous day's low
166.40 is 61.8% retracement of the recent bullish leg
165.50 is the support of current range.
Bears pounded strong last Friday but bulls eventually pushed price back close to open.
In today's Asian session, price seesawed with bulls still trying to push price beyond previous day's high.
Bias is to short,, ideal above previous day's high. As of press time, we are seeing bears pushing down from 167.40. A bearish signal is yet to form.
Bulls continue to push price up hitting close to 168 yesterday. Bears dropped a bomb towards the close of the Asian session but bulls recovered just this hour.
The move is a good signal for entry at 167.50. A conservative target would be 168. Break of 168 is highly possible.
Bulls has successfully marked higher high and higher low in the dailies. We will see UK's GDP Data at 2pm (GMT+8). It is expected to be bearish. Any correction downwards would be an opportunity to buy.
Bulls protected 165.30 last Friday and managed to push back beyond 166.00 but eventually closed flat at 166.00.
The bearish head and shoulders pattern seem to be intact. Neckline remains at 165.30 with initial support at 164.75 and an eventual target of 164.30. Be wary of whipsaws as this is most common.
Asian session was mostly sideways but we saw a bearish move at the start of London session. The move has formed a right shoulder. This bearish head and shoulders pattern has a neckline of 165.30. The break of it will bring us to roughly 164.00
Last night's bullish triangle failed. It didn't take too long to realize that since the move was already weak to begin with. Bears took over just before US's release on PPI and Unemployment.
Dailies still show higher high and higher low except for yesterday's low. Price didn't close above open. There's a sense of bearishness here.
Bulls may try to break...
UK's GDP Data was negative and it didn't even spark the bears to take the lead. This discounts possibility for price to create new session lows for a bullish entry.
Price has completed its triangulation and it is quite ripe for a breakout.
Bears made their presence felt yesterday with price breaking below 166 and hitting 165.40. Bulls marked the close slightly above previous day's close at 166.20. This leads us to a continued series of white candles with higher highs and higher lows.
This morning, we are seeing bulls trying to control 166.00 level again and is currently forming somewhat of a...
Zooming in the M15 chart, we are seeing a head and shoulder pattern. The initial signal came towards the close of the Asian session. Bears touched 166.00 twice. Another run down to that area could just break the floor. Conservative targets would be 165.70 and 165.20.
Bulls have been relentlessly pushing price up marking daily higher highs and higher lows. We may soon see a break of 166.40.
With a massive movement like this, most would think that we should buy into the trend. However, I still think otherwise as markets tend to be mostly ranging than trending. Another reason is that this move hasn't corrected yet and it is...
Bulls rampaged through 165.00 yesterday right after a quick sell from 164.50 to 164.00. This huge move could continue on but buying at the highs seems risky for now.
I am stepping on the sidelines for now to wait for a good setup for a long entry. Perhaps a drop and a quick compression at key levels?
Bulls has made a come back since Thursday while the bears went off for a break this Lent. Higher high and higher low markings are starting to form but we are still within the bearish price action from last Tuesday to Wednesday so technically we should be predominantly bearish.
We see a good compression in today's Asian session. The breakdown of 164.50 has just...
Now it's confirmed. We have entered bearish phase. Dailies show the significant break of higher high and higher low.
I plotted areas where it is best to short:
23.6% = 163.65
38.2% = 164.15
50% & previous day's high = 164.60
61.8% = 165.00
For bullish traders, there's a small window of opportunity to enter now at 164.10.