Holidays are among us and I am taking the time to prepare for what is ahead. Not really spending to much time on the intraday charts as I believe all currencies are still preparing for the big moves. I like to hold pairs for up to a week and it just doesn't make sense to enter trades now as holidays approach next week.
On this chart you'll see that the Yen was downtrending heavily for majority of 2018. But it just broke out of a pennant and is showing signs of Bullish sentiment.
Like I said holidays are approaching, with less liquidity we are due for a pullback as banks and many investors take a step away from the markets during these times.
Area to watch: If we get a pullback I'm looking to see how price reacts at the 88.7 region. We have a few key fib levels lining up. If price reacts how we are looking, I believe we will see a push up to 90.6.
Why is this important? I don't trade the JXY, I use it as a reference of Yen strength.
If we get a nice retest at that 88.7 area and it shows signs for a new leg up. That means the pairs that vs. the yen should be going down!
Example: (USD/JPY)
As long as we get a close with a green candle today 12/20 it will be the highest strength of the yen since October, which is a great sign of confirmation.
I will be posting an analysis like this for each currency to help not only myself prepare for 2019, but to help everyone on trading view as well.
On this chart you'll see that the Yen was downtrending heavily for majority of 2018. But it just broke out of a pennant and is showing signs of Bullish sentiment.
Like I said holidays are approaching, with less liquidity we are due for a pullback as banks and many investors take a step away from the markets during these times.
Area to watch: If we get a pullback I'm looking to see how price reacts at the 88.7 region. We have a few key fib levels lining up. If price reacts how we are looking, I believe we will see a push up to 90.6.
Why is this important? I don't trade the JXY, I use it as a reference of Yen strength.
If we get a nice retest at that 88.7 area and it shows signs for a new leg up. That means the pairs that vs. the yen should be going down!
Example: (USD/JPY)
As long as we get a close with a green candle today 12/20 it will be the highest strength of the yen since October, which is a great sign of confirmation.
I will be posting an analysis like this for each currency to help not only myself prepare for 2019, but to help everyone on trading view as well.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.