Pivot levels (PL) seems to be less reliable and rigid with UJ than with EU, still they constitute a good level to watch
Today PL is @115.04. It has been quickly tested this morning and prices have then take off.
Watch for NFP at 8:30 EST! IF you are not in a 'safe' trade (You have secured your positive pips at least to BE) at these time, avoid entering any trade until 15 minutes after the numbers are out.
Intra day top down analysis:
H4: Up since oct. 31 but retracing, first target 115.75 reached unless 114.32 is breached then reverse down.
H1: Down since yesterday after the break of PL, all main targets reached so it can reverse up if PL is broken.
M30: Down since yesterday after the break of interim resistance, all main targets reached so it can reverse up if PL is broken.
M15: Down since this morning when it breached 114.6 support, all main targets reached so it can reverse up if 114.9 is broken.
Intra day Strategy:
1- We can buy a bounce of 114.35-40 support if retested with tight stop of 114.28 first target 114.9.
2- We can buy the bounce back of 115.04 if PL is broken targeting 115.75, 116.45, 117.2
3- We can sell 114.9-115.05 area if prices bounce targeting 114.45, 114.18, 113.75
Watch price action if prices retrace to PL after break to buy a bounce or to sell the bounce if it resist.
UJ is a fast moving currency that trends a lot, retrace suddenly and ranges for few days.
Today PL is @115.04. It has been quickly tested this morning and prices have then take off.
Watch for NFP at 8:30 EST! IF you are not in a 'safe' trade (You have secured your positive pips at least to BE) at these time, avoid entering any trade until 15 minutes after the numbers are out.
Intra day top down analysis:
H4: Up since oct. 31 but retracing, first target 115.75 reached unless 114.32 is breached then reverse down.
H1: Down since yesterday after the break of PL, all main targets reached so it can reverse up if PL is broken.
M30: Down since yesterday after the break of interim resistance, all main targets reached so it can reverse up if PL is broken.
M15: Down since this morning when it breached 114.6 support, all main targets reached so it can reverse up if 114.9 is broken.
Intra day Strategy:
1- We can buy a bounce of 114.35-40 support if retested with tight stop of 114.28 first target 114.9.
2- We can buy the bounce back of 115.04 if PL is broken targeting 115.75, 116.45, 117.2
3- We can sell 114.9-115.05 area if prices bounce targeting 114.45, 114.18, 113.75
Watch price action if prices retrace to PL after break to buy a bounce or to sell the bounce if it resist.
UJ is a fast moving currency that trends a lot, retrace suddenly and ranges for few days.