Expect a bullish break in JPY
Alot of people have a bearish outlook which is definitely possible, but in my opinion there will be a short term pullback for 1-2 days and then a bullish break for the reasons stated below:
- If we look at the Daily bollinger bands (not in my chart) then we will see that price is in the upper band indicating momentum upwards
- On the weekly chart, we had two pin bars that indicate a trend reversal
- On the daily chart there was a double bottom indicating trend reversal
- Furthermore, price is above 200 SMA on the 2 hour chart, which indicates the trend between 1-2 weeks
- Price has broken the short term trendline, but the direction will be confirmed after breaking the longer term daily trendline
- If we look at the Daily bollinger bands (not in my chart) then we will see that price is in the upper band indicating momentum upwards
- On the weekly chart, we had two pin bars that indicate a trend reversal
- On the daily chart there was a double bottom indicating trend reversal
- Furthermore, price is above 200 SMA on the 2 hour chart, which indicates the trend between 1-2 weeks
- Price has broken the short term trendline, but the direction will be confirmed after breaking the longer term daily trendline
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