Bearish Bias on UJ

٢٣ أكتوبر ٢٠١٧

UJ has reversed in this area 3 times (February/March, May and June) This can go either way, however it's not only an area of reversal on the daily it is also an area of reversal on the weekly. On the monthly this can be seeing as a the possible formation of a head and shoulders pattern. On NFP there was a reversal which started a short lived downward movement before once again testing the high of the daily. I would consider this to be level 3 (5).

Further analysis required.