Anyone see that sharp move down on UJ? I can't see how is it all selling , more like panic. Long at 101.25. More to add if it goes lower at 101.
were the MM's driving down the YEN in preparation for the news in 50 minutes?
From the H1 chart we can clearly see that price has found itself in consolidation which is what happens when MM's like to build their positions. Highlighted yellow are the areas where volume is most notable. We can see that all this volume is occurring at the lows which is where MM's accumulate longs. We can also see that on such volume price is being driven below whole/half/quarter support/resistance areas etc. During the last London/NY session, the MM's continued to drive price lower and lower to the point where it broke previous support price had found itself earlier and in doing so formed what is known as a "spring" from the Wyckoff's Accumulation Phase. (See pic) You can also learn more about Wyckoff's Accumulation/Distribution phases here:
http://stockcharts.com/school/doku.p...lysis:wyckoff2
From what I can gather UJ is looking bullish for the most part as a retrace move up closer toward the downtrend line on the DAY chart which is an area where the MM's will then be able to unload their longs and start building short positions while suckering in traders to go long with the likes of false breakouts/headfakes etc. Like TAH always says, we can never know how far, when, or where price will go next, but we can know what the MM's are scheming..
For now I'm just looking out for signals to indicate another worthwhile entry for going long, perhaps another classic entry? Time will tell.
-tah
