AJ Comment
Earlier today, the price was taken above the whole number and since then the bear bars have been predominate. So, it looks like the trip above the whole number was a push by the market makers to hit stops on shorts and to trigger pending long orders ("wrong side" orders) to get liquidity so they could accumulate more short orders themselves.
Come the US open and the price reverses back up. This does not appear a bullish move up, but a retrace move (about 50% so far), again by the market makers who are looking to stop out shorts and suck in "wrong side" longs, to create more liquidity for themselves to accumulate additional short orders. Just look how the volume increased once the MMs started the price retracing upwards. Traders saw what the MMs were doing and started to trade more heavily themselves as the price went higher; buy low, sell high.
Might this be the beginning of a reversal of the larger TF trend from up to down? Could AJ be signalling the potential for reversal of other YEN pairs?
Time will tell.
Happy New Year!
-tah
Earlier today, the price was taken above the whole number and since then the bear bars have been predominate. So, it looks like the trip above the whole number was a push by the market makers to hit stops on shorts and to trigger pending long orders ("wrong side" orders) to get liquidity so they could accumulate more short orders themselves.
Come the US open and the price reverses back up. This does not appear a bullish move up, but a retrace move (about 50% so far), again by the market makers who are looking to stop out shorts and suck in "wrong side" longs, to create more liquidity for themselves to accumulate additional short orders. Just look how the volume increased once the MMs started the price retracing upwards. Traders saw what the MMs were doing and started to trade more heavily themselves as the price went higher; buy low, sell high.
Might this be the beginning of a reversal of the larger TF trend from up to down? Could AJ be signalling the potential for reversal of other YEN pairs?
Time will tell.
Happy New Year!
-tah