LOOKING TO BUY USD/JPY
USD/JPY 4H - As we know the USD has been very weak as of recent, this is why we have seen a decline in the value of the currency across the board, even against the JPY.
I do however believe that price will come to correct itself initially before we see a further move to the downside, thus giving us bears the opportunity to get in on short positions at a better price.
I want to see enough Demand being put in to this market to create a corrective wave, trading us higher up and into the Supply Zone above, from there I am expecting a heap of Demand to be offloaded as bulls close there buy positions and bears load up on shorts.
In tern this should create the next bearish leg trading us lower, breaking the previous set low in this market, and as mentioned giving us the opportunity to go short in the market. I have gone ahead and set some alerts and will wait patiently.
I do however believe that price will come to correct itself initially before we see a further move to the downside, thus giving us bears the opportunity to get in on short positions at a better price.
I want to see enough Demand being put in to this market to create a corrective wave, trading us higher up and into the Supply Zone above, from there I am expecting a heap of Demand to be offloaded as bulls close there buy positions and bears load up on shorts.
In tern this should create the next bearish leg trading us lower, breaking the previous set low in this market, and as mentioned giving us the opportunity to go short in the market. I have gone ahead and set some alerts and will wait patiently.
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