[Short] TRYJPY Reversal on the way
Updated
Cloud Analysis:
M: Bear
W: Bear
D: Bull
4H: Bull
1H: Bull
15Min: Bull => Bear twist
Verdict: Bearish long term future, short term is Bullish
Price quite far from the Kijun/Tenkan on many smaller time frames, we should expect at least a short term retracement to a support level.
TSI Analysis
M: Oversold, Bullish Cross
W: Trending up, approaching resistance
D: Overbought, little bearish divergene
4H: Bull, trending up, close to overbought
1H: Bull, trending up, not overbought
15Min: Neutral
Verdict: I think we still have a little bit of upside, the 4h and 1h, showing some strenght will probably continue to make the price trend up while the bearish divergence of the daily continue to build up. The real test will be around the weekly resistance. We could see one more last push upward before the next correction
TD Sequential Analysis
M: Red 5
W: Green 9
D: Green 7
4H: Green 4, Ranging
1H: Green 4, Ranging
15Min: Ranging
Vertict: The monthly still have a potential of 4 more months of downside, the weekly signal a top, while the daily still have a little bit of upside, The remaining upside on the daily is in sync with the weekly TSI approaching resistance while crawling up, According to the TD it means we could see a top early next week before getting at least a to 1-4 week pullback or even resuming the monthly downtrend to retest the monthly low(also all time low).
M: Bear
W: Bear
D: Bull
4H: Bull
1H: Bull
15Min: Bull => Bear twist
Verdict: Bearish long term future, short term is Bullish
Price quite far from the Kijun/Tenkan on many smaller time frames, we should expect at least a short term retracement to a support level.
TSI Analysis
M: Oversold, Bullish Cross
W: Trending up, approaching resistance
D: Overbought, little bearish divergene
4H: Bull, trending up, close to overbought
1H: Bull, trending up, not overbought
15Min: Neutral
Verdict: I think we still have a little bit of upside, the 4h and 1h, showing some strenght will probably continue to make the price trend up while the bearish divergence of the daily continue to build up. The real test will be around the weekly resistance. We could see one more last push upward before the next correction
TD Sequential Analysis
M: Red 5
W: Green 9
D: Green 7
4H: Green 4, Ranging
1H: Green 4, Ranging
15Min: Ranging
Vertict: The monthly still have a potential of 4 more months of downside, the weekly signal a top, while the daily still have a little bit of upside, The remaining upside on the daily is in sync with the weekly TSI approaching resistance while crawling up, According to the TD it means we could see a top early next week before getting at least a to 1-4 week pullback or even resuming the monthly downtrend to retest the monthly low(also all time low).
Note
Overall the TRY, is losing power across the market. The idea should also apply to most TRY pairs on the market.Note
The action was as expected.
Trade closed: target reached
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