USDJPY | Perspective for the new week
The price moved 40pips in our direction since my last publication (see link below for reference purposes) before finding Lower Lows to project a certain level of weakness in the GReenback. With the latest development in price action, I am keeping my expectations for further strength in the Japanese yen high in the coming week(s).
Tendency: Downtrend ( Bearish )
Structure: Double Top (Reversal Pattern) | Supply & Demand
Observation: i. DT (Reversal pattern): The appearance of a Bearish pattern that forms after the price reaches a culmination @ Y104.200/104.400 area two consecutive times with a moderate decline between the two highs points at the risk of further decline in price.
ii. The recent Lower Lows explains the inability of buyers to push the price beyond Y104.400 last week hereby negating my previous broadcast (see link below).
iii. Y103.900 level appears to be our New Supply level in the coming week(s) as price keep finding Lower Lows.
iv. To be more cautious could welcome the idea of waiting for a significant Breakdown of Neckline @ Y104.500 before joining the decline.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Double Top (Reversal Pattern) | Supply & Demand
Observation: i. DT (Reversal pattern): The appearance of a Bearish pattern that forms after the price reaches a culmination @ Y104.200/104.400 area two consecutive times with a moderate decline between the two highs points at the risk of further decline in price.
ii. The recent Lower Lows explains the inability of buyers to push the price beyond Y104.400 last week hereby negating my previous broadcast (see link below).
iii. Y103.900 level appears to be our New Supply level in the coming week(s) as price keep finding Lower Lows.
iv. To be more cautious could welcome the idea of waiting for a significant Breakdown of Neckline @ Y104.500 before joining the decline.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
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