USDJPY Swing High| Local S/R| .618 Fibonacci| Price Action

٢ أكتوبر ٢٠٢١

Evening Traders,

Today’s analysis – USDJPY – trading above its Local S/R where holding support will allow for a bullish bias,

Points to consider,
- Price Action Impulsive
- Local S/R Support
(.618 Fibonacci Confluence)
- RSI Bullish Control Zone
- Volume above average

USDJPY’s immediate price action is trading above its Local S/R where holding it as support that is in technical confluence with the .618 Fibonacci allows for a bullish bias.

The RSI is current trading above its bullish control zone, maintaining these regions is indicative strength.

The current volume is above average, influxes are imminent when testing key trade locations such as the current Local S/R.

Overall, in my opinion, USDJPY is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work

And remember,

“It is always the best discretion to let the market show us where it is going and just simply follow (this would be prudent), rather than predict where the market is going and place a position (this would be gambling).” -Anne-Marie Baiynd’