DXY behavior is something someone else drew my attention to, but after taking a closer look at DXY, this is what I saw. It seems to support my prior USDJPY idea, but ofcourse, these could both have some inaccuracies.
To me, from the monthly timeframe and a bigger picture mentality, there is a predominant push to the downside, and DXY has been responding well to liquidity levels too over about the past 10-15 yrs.
A short-term bullish correction in DXY looks to be in the working, BUT it still needs some time to work for a confirmation, that should favor the short-term long position I brought up on USDJPY.
However, anyone interested should consider the very recent pullback behavior at 92.00 level and liquidity pool at 85.00 level (85.00 could be the first short target if the current 88.30 support does not hold; main trend is down).
Also, remember that this is a monthly timeframe analysis and so it should take relatively longer to develop & confirm unless we have a high volatility event in the upcoming days/weeks.
To me, from the monthly timeframe and a bigger picture mentality, there is a predominant push to the downside, and DXY has been responding well to liquidity levels too over about the past 10-15 yrs.
A short-term bullish correction in DXY looks to be in the working, BUT it still needs some time to work for a confirmation, that should favor the short-term long position I brought up on USDJPY.
However, anyone interested should consider the very recent pullback behavior at 92.00 level and liquidity pool at 85.00 level (85.00 could be the first short target if the current 88.30 support does not hold; main trend is down).
Also, remember that this is a monthly timeframe analysis and so it should take relatively longer to develop & confirm unless we have a high volatility event in the upcoming days/weeks.
