Currently, with the recent reaction from the 22-hour demand zone, there's an expectation for a retracement towards a nearby supply to trade in line with the trend. At the current price, I'll wait for the small bullish reaction to lose steam in order for price to distribute.
Once the Wyckoff distribution occurs on the lower time frame, accompanied by a CHOCH, I plan to initiate sells targeting the 140.00 mark, a zone associated with strong demand. However, I'm also mindful that the price might ascend further and react off a more premium supply above.
Confluences for USDJPY Sells are as follows:
- This bias aligns with the current bearish trend that has been perpetuated.
- Lots of major trend lines, equal lows and asian lows below on the higher time frame.
- There's a near by 14hr supply zone that looks promising and a better supply on the 10hr just above it.
- For price to maintain its bearish trend it must react off a supply to trigger another sell off.
- Bullish pressure is looking exhausted and we could see a wyckoff distribution play out soon.
P.S. Regarding the overall market sentiment, it remains evidently bullish. However, with a strong emphasis on respecting the all-time high (ATH), I am steadfast in my belief that a long-term bearish trend is likely to emerge, given the significant liquidity present below. This is why selling positions are highly preferable and exhibit more favorable reactions.
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Once the Wyckoff distribution occurs on the lower time frame, accompanied by a CHOCH, I plan to initiate sells targeting the 140.00 mark, a zone associated with strong demand. However, I'm also mindful that the price might ascend further and react off a more premium supply above.
Confluences for USDJPY Sells are as follows:
- This bias aligns with the current bearish trend that has been perpetuated.
- Lots of major trend lines, equal lows and asian lows below on the higher time frame.
- There's a near by 14hr supply zone that looks promising and a better supply on the 10hr just above it.
- For price to maintain its bearish trend it must react off a supply to trigger another sell off.
- Bullish pressure is looking exhausted and we could see a wyckoff distribution play out soon.
P.S. Regarding the overall market sentiment, it remains evidently bullish. However, with a strong emphasis on respecting the all-time high (ATH), I am steadfast in my belief that a long-term bearish trend is likely to emerge, given the significant liquidity present below. This is why selling positions are highly preferable and exhibit more favorable reactions.
If you found this post insightful, drop a like & comment!