Something very interesting and expected, in my opinion, happened on the USD/JPY chart.
The pair was range-bound for several days, testing the bottom of the correction of the move to the upside from 28th February 2017 at 113.556, forming a double bottom and prompting traders to start aggressively opening long positions.
Today’s high at 114.747 is exactly 9 ticks higher than the one from 3rd March 2017 which was at 114.756 – at least for the moment.
Adding the presence of a RSI divergence that hasn’t reached its limit yet, which I have mentioned several times and which I am watching closely, as well as one larger wedge (in red), the limit of which also hasn’t been reached, my priority expectation is that the move to the upside will continue.
In the alternate scenario a double top will form after which there will be a strong move to the downside.
Useful information, thank you!
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ReplyDeleteGood to know, thanks!
ReplyDeleteThank you for the detailed analysis.
ReplyDeleteCongratulations for your accurate predictions.
ReplyDeleteGood analysis.
ReplyDeleteGood insight.
ReplyDeleteInteresting observation.
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