28/3 9.30am
Potential high value USDJPY Reversal?
Confluences for a reversal:
- Price has been in this descending channel since Mid December, and this is the fifth touch leading to a red candle
- Pricing is also hitting well respected horizontal resistance
- Psychological level 17 pips above high @ 110.000
Factors against a reversal:
- USD is Bullish
- Price is above the 180 SMA (up trend)
Action:
- Seeking price action confirmation before entry (retest of resistance, new candle to make a new low)
Potential high value USDJPY Reversal?
Confluences for a reversal:
- Price has been in this descending channel since Mid December, and this is the fifth touch leading to a red candle
- Pricing is also hitting well respected horizontal resistance
- Psychological level 17 pips above high @ 110.000
Factors against a reversal:
- USD is Bullish
- Price is above the 180 SMA (up trend)
Action:
- Seeking price action confirmation before entry (retest of resistance, new candle to make a new low)