USDJPY is clearly in a BULL Market .
Price is in a current Supply Zone.
A double top may be in the making.
Furthermore price movement since the break of Daily Structural Resistance now turned support
has not been tested.
Yesterdays strong inflation figures certainly contributed to the large bullish candle driving price into the Supply Zone.
This may create an idea for some that price will rocket from here. Maybe a pullback is in order, to create a new
Higher Low before price advances.
On chart is a trade with 2 positions
1. Target 1 - the recent minor demand zone . RR = 2
2. Target 2 - the underlying demand zone and a nearer retest of the structural daily support zone. RR = 3
The trade is invalidated if price moves beyond the recent swing high
Price is in a current Supply Zone.
A double top may be in the making.
Furthermore price movement since the break of Daily Structural Resistance now turned support
has not been tested.
Yesterdays strong inflation figures certainly contributed to the large bullish candle driving price into the Supply Zone.
This may create an idea for some that price will rocket from here. Maybe a pullback is in order, to create a new
Higher Low before price advances.
On chart is a trade with 2 positions
1. Target 1 - the recent minor demand zone . RR = 2
2. Target 2 - the underlying demand zone and a nearer retest of the structural daily support zone. RR = 3
The trade is invalidated if price moves beyond the recent swing high