Please note today's bar is not closed.
I am looking for a possible long on USDJPY later this week if PA confirms.
Reasons:
USDJPY Monthly continues to show LH and LL but last month was a classic BUEB (price reversal bar) at major support of 87.40. The higher the time frame the more powerful the signal.
USDJPY Weekly shows LL but last week surpassed the previous LH.
USDJPY Daily - watching to show confirming PA of a retest of 92.30. Risk is low and SL would be at 91.75
Reasons not to take the trade:
On the monthly, where price reversal bars at support worked, the majority showed the following month retracing a good 50% before continuing upwards. This might suggest a drop to 90.30 before continuing up.
On the weekly price is trapped between the 20 and 50.
On the daily, I'm sure there's something I'm missing but I don't see it atm. An argument could be made that this particular daily trend has had a good run and we could be expecting a retrace soon.
-m
I am looking for a possible long on USDJPY later this week if PA confirms.
Reasons:
USDJPY Monthly continues to show LH and LL but last month was a classic BUEB (price reversal bar) at major support of 87.40. The higher the time frame the more powerful the signal.
USDJPY Weekly shows LL but last week surpassed the previous LH.
USDJPY Daily - watching to show confirming PA of a retest of 92.30. Risk is low and SL would be at 91.75
Reasons not to take the trade:
On the monthly, where price reversal bars at support worked, the majority showed the following month retracing a good 50% before continuing upwards. This might suggest a drop to 90.30 before continuing up.
On the weekly price is trapped between the 20 and 50.
On the daily, I'm sure there's something I'm missing but I don't see it atm. An argument could be made that this particular daily trend has had a good run and we could be expecting a retrace soon.
-m
Attached Image(s) (click to enlarge)
