USDJPY has been moving up quite impulsively but with structure.
It has tapped into a hook point, where we can expect it to drop to the downside.
There is also a hook point above it. So we can expect the possibility of a price movement to the upside.
Analysing this pair on the 1HTF, we see the potential for it to drop to the downside first, tapping into any of the hook points above it. Then we can determine if it is going to continue selling or reverse from the hook points below it and starts buying to the upside to fill the hook points above it.
Position: Short
It has tapped into a hook point, where we can expect it to drop to the downside.
There is also a hook point above it. So we can expect the possibility of a price movement to the upside.
Analysing this pair on the 1HTF, we see the potential for it to drop to the downside first, tapping into any of the hook points above it. Then we can determine if it is going to continue selling or reverse from the hook points below it and starts buying to the upside to fill the hook points above it.
Position: Short