USDJPY was moving within trading range since September 5, 2022.
Best strategy in trading ranges is to buy low and sell high. Also most TR breakouts fail and reversed into range.
As you see, USDJPY had sell climax that tests the bottom of TR and then it reversed up and created tight bull channel .
When we have such strong sell climaxes, the probability for new high is very low and I think USDJPY is going to reversed down from TR Top.
Wait for bear breakout or patterns like wedge top or double top then short. Patterns and breakouts means higher probability for bears to reverse the price down.
Update: Prior low is now marked up and bears have to break below this low if want lower prices.
What do you think about this chart? Feel Free and Comment Below!
Best strategy in trading ranges is to buy low and sell high. Also most TR breakouts fail and reversed into range.
As you see, USDJPY had sell climax that tests the bottom of TR and then it reversed up and created tight bull channel .
When we have such strong sell climaxes, the probability for new high is very low and I think USDJPY is going to reversed down from TR Top.
Wait for bear breakout or patterns like wedge top or double top then short. Patterns and breakouts means higher probability for bears to reverse the price down.
Update: Prior low is now marked up and bears have to break below this low if want lower prices.
What do you think about this chart? Feel Free and Comment Below!