Good afternoon. this is a Dollar Yen chart.
I can briefly explain the movement that we have witnessed over the past couple of hours.
we have witnessed a resistance retest after a period of consolidation around 111.250. the market retested the 111.500 resistance line and it did so with success reaching 111.800.
I had identified that the original trend is bearish and Fundamentals were a result of the high volatility to reach 111.800.
The pennant formation that I had identified signifies that the market has not chosen direction that it is going to trend and thus requires patience and see where the break out occurs.
I then awaited the market to correct itself as I had analysed before the movements and I was presented with the positions as indicated in the chart.
I am now trailing my stop loss down towards 110.400
I can briefly explain the movement that we have witnessed over the past couple of hours.
we have witnessed a resistance retest after a period of consolidation around 111.250. the market retested the 111.500 resistance line and it did so with success reaching 111.800.
I had identified that the original trend is bearish and Fundamentals were a result of the high volatility to reach 111.800.
The pennant formation that I had identified signifies that the market has not chosen direction that it is going to trend and thus requires patience and see where the break out occurs.
I then awaited the market to correct itself as I had analysed before the movements and I was presented with the positions as indicated in the chart.
I am now trailing my stop loss down towards 110.400