USDJPY on the 2 hour chart showing a nice uptrend with defined higher lows and higher highs.
We have reached a big flip/resistance zone here at the 109.00 zone. Take a look at this zone on the daily chart.
After making higher lows and higher highs, we failed to make a new higher high and this can be seen as a sign that the trend is exhausting or losing steam. We are beginning to range here.
There is a short term support/flip zone here at 108.55 that I am watching for a break and close below for an entry.
107.60 would be the target to the downside but do see how price reacts at the 108.15 zone.
Take a look at the Yen Futures chart as well:
We are at a support zone and showing signs of a range. Some may argue that on the daily it is a large head and shoulders pattern, but that would not trigger unless we get the break and close. Hence why we always are patient for breaks and closes. We do not chase price.
We have reached a big flip/resistance zone here at the 109.00 zone. Take a look at this zone on the daily chart.
After making higher lows and higher highs, we failed to make a new higher high and this can be seen as a sign that the trend is exhausting or losing steam. We are beginning to range here.
There is a short term support/flip zone here at 108.55 that I am watching for a break and close below for an entry.
107.60 would be the target to the downside but do see how price reacts at the 108.15 zone.
Take a look at the Yen Futures chart as well:
We are at a support zone and showing signs of a range. Some may argue that on the daily it is a large head and shoulders pattern, but that would not trigger unless we get the break and close. Hence why we always are patient for breaks and closes. We do not chase price.