USDJPY - Weekly Strategy Update - April 18 2020
Monthly Technical Price Movement Recap:
Since the news of the Covid 19 outbreak, it seems there has not been much of a change in the the prevailing trend of the massive consolidation and accumulation pattern, it seems to be confirming a potential breakout to the upside based on the price activity. It's noticeable that the short selling within the price pattern has gotten weaker and the buying has gotten stronger over the course of many months, that now a support level within the triangle price pattern was established. Price has broken here, almost strategically as the recovery shows that price has held at the level, though indecisively.
Because price seemingly shows a stronger interest in a long position based on price activity, I will be looking at long entries at lower timeframes. If price does in fact break for the short side, I will wait for a confirmed pull back as it may be risky to hop on the break based on the weakening short selling indicators.
Weekly Technical Price Movement Recap:
Price previously broke out of the price pattern formation but quickly returned into the pattern creating a false break. The price pulled back above a new weekly price demand zone. This demand zone has shown to be solid in recent history and there is now an expectation that there exists many buy orders pending below and that they may have moved up the orders that have not been filled. This may cause the imbalance needed to push price to break long.
Because indications show an eventual imbalance of buy/sell orders and the less attractiveness of sell orders, I am expecting price to continue long for the breakout. I will likely be looking for a confirmation candle along with its subsequent smaller move higher within the triangle to enter long.
Daily Technical Price Movement Recap:
Indicated in the blue bounding box, price has seemingly created a double bottom on top of a demand zone. This continues the bullish narrative. As a result, I will be looking to enter the trade long when price recovers over its previous high and has made a higher low as well. For short entries, I will be looking for a break below the blue bounding box with a target at the bottom of the weekly demand zone. For short positions, I will be actively managing them as the indicators show it to be more risky than a long position and may impulsively retrace.
Trade Entry Hunt: Long
Entry: 108.160
Stop: 107.290
Target One: 111.250
RR Ratio: 70/300 ~ 1:4
Trade Entry Hunt: Short
Entry: 106.450
Stop: 106.970
Target One: 105.160
Since the news of the Covid 19 outbreak, it seems there has not been much of a change in the the prevailing trend of the massive consolidation and accumulation pattern, it seems to be confirming a potential breakout to the upside based on the price activity. It's noticeable that the short selling within the price pattern has gotten weaker and the buying has gotten stronger over the course of many months, that now a support level within the triangle price pattern was established. Price has broken here, almost strategically as the recovery shows that price has held at the level, though indecisively.
Because price seemingly shows a stronger interest in a long position based on price activity, I will be looking at long entries at lower timeframes. If price does in fact break for the short side, I will wait for a confirmed pull back as it may be risky to hop on the break based on the weakening short selling indicators.
Weekly Technical Price Movement Recap:
Price previously broke out of the price pattern formation but quickly returned into the pattern creating a false break. The price pulled back above a new weekly price demand zone. This demand zone has shown to be solid in recent history and there is now an expectation that there exists many buy orders pending below and that they may have moved up the orders that have not been filled. This may cause the imbalance needed to push price to break long.
Because indications show an eventual imbalance of buy/sell orders and the less attractiveness of sell orders, I am expecting price to continue long for the breakout. I will likely be looking for a confirmation candle along with its subsequent smaller move higher within the triangle to enter long.
Daily Technical Price Movement Recap:
Indicated in the blue bounding box, price has seemingly created a double bottom on top of a demand zone. This continues the bullish narrative. As a result, I will be looking to enter the trade long when price recovers over its previous high and has made a higher low as well. For short entries, I will be looking for a break below the blue bounding box with a target at the bottom of the weekly demand zone. For short positions, I will be actively managing them as the indicators show it to be more risky than a long position and may impulsively retrace.
Trade Entry Hunt: Long
Entry: 108.160
Stop: 107.290
Target One: 111.250
RR Ratio: 70/300 ~ 1:4
Trade Entry Hunt: Short
Entry: 106.450
Stop: 106.970
Target One: 105.160
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