USDJPY - Are we ready for a sell-off? or buy continuation?
The Dollar has been an absolute monster against the Japanese yen over the past 2 years. Could it be that we finally reached the top of dollar peak?
At this time we cannot say which direction the dollar will really go. Its still shifting back and forth as buyers and sellers are not sure which direction to push the market. Daily divergences came into play on all recent highs.
We can expect 2 scenarios here:
1) The market breaks out of lower timeframe channel bullish and retest for support to go higher and complete our Fib extension at price 137.276 about 230 pips bullish opportunity. I will enter after wick rejection and counter trend break bullish after support.
2) The market trends back into this channel as sellers continue to bring price down and a simple retest of resistance and counter trend break bearish after wick rejection at this zone. Target will be our daily low 131.526 about 300 pips opportunity.
Lets see what happens, very excited!
At this time we cannot say which direction the dollar will really go. Its still shifting back and forth as buyers and sellers are not sure which direction to push the market. Daily divergences came into play on all recent highs.
We can expect 2 scenarios here:
1) The market breaks out of lower timeframe channel bullish and retest for support to go higher and complete our Fib extension at price 137.276 about 230 pips bullish opportunity. I will enter after wick rejection and counter trend break bullish after support.
2) The market trends back into this channel as sellers continue to bring price down and a simple retest of resistance and counter trend break bearish after wick rejection at this zone. Target will be our daily low 131.526 about 300 pips opportunity.
Lets see what happens, very excited!
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