Hasshamarehman

USDJPY has cracked weekly swing level 111.65

FX:USDJPY   美元/日元
Here we are on Dollar/Yen daily chart , as we can see this market has been falling from 114.33 as we have tailed reversal bar there and now market has broken through and closed below 111.65. We would wait for this market to pull back towards this area and on any bearish signals we will be getting short to it. Keep a look out on this level. good trading!
22nd Nov candle closed less than 50% so we may call it a genuine breakout or not?? Secondly please comment on the current trend of this market, either it is a bullish trend or a bearish trend? For me, its look like a range bound market that flows between 107.75/80 to 114.35/45 . If it is a range bound market, then why we need to look for a bearish signal?? Thanks in advance
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@vikki2810, yes we can say its a break out generally we need to see close below the levels so that way its valid one but we also keeping in mind that market is dynamic so anything is possible i.e. it may false break that level and shoot up again. regarding to your second question it is looking like range bound market yes you are right but it is known as "long term trading range" in this context you can trade with the flow. Like if the market breaks any obvious swing you can then wait for pull back to trade with that near term momentum trend. i hope you get me.
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vikki2810 Hasshamarehman
@Hasshamarehman, I get you Sir. Thanks for the clarification
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@vikki2810, my pleasure
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