USD/JPY
reached the strong resistance at the local high at 113.463 and as it should
have been expected it began dropping.
At this
stage the drop appears corrective, but it is important to see how the daily bar
will close today. In case it closes as a “hanging man” at the high of the
upward movement we could expect a more long-term correction that lasts a few
days.
Still, the
main trend remains bullish and after the end of the correction we could expect
a renewal of the rally to 114.36 (the local high from 11th May 2017) or even 114.50.
In the
alternate scenario the pair will drop to 111.70, but at this stage that
scenario appears less probable.
Let's see how the daily candlestick will close.
ReplyDeleteLooks like it will keep pushing higher.
ReplyDeleteThe pair is pushing higher.
ReplyDeleteGood post!
ReplyDeleteGood take on markets!
ReplyDeleteGood insight.
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDeleteI agree with your analysis.
ReplyDelete