USDJPY- Importance of Support & Resistance-109.75
Updated
How prior resistance works as support will likely be evident in current case where UJ just moved upside not going below 109.75- prior high
This concept is called polarity reversal.
We need to change counts & be careful of key levels- our key level was 108.80 -which worked really nice & I even said that unless 108.80-108.75 is taken out- we cannot have a bearish bias.
Downside 109.75 can act as support in current scenario which was prior swing high.
What is polarity reversal
Earlier Resistance turns its role into Support or Support acting as Resistance
Connection with previous update- iii-wave is yet to complete & likely will push to a new high, but keep in mind about the zone 109.80-109.75- key zone for us
Holding 108.80- Bulls came back in UJ
This concept is called polarity reversal.
We need to change counts & be careful of key levels- our key level was 108.80 -which worked really nice & I even said that unless 108.80-108.75 is taken out- we cannot have a bearish bias.
Downside 109.75 can act as support in current scenario which was prior swing high.
What is polarity reversal
Earlier Resistance turns its role into Support or Support acting as Resistance
Connection with previous update- iii-wave is yet to complete & likely will push to a new high, but keep in mind about the zone 109.80-109.75- key zone for us
Holding 108.80- Bulls came back in UJ
Trade active
21:13 Hrs 18th Nov2016Last Price@110.60
I love Green Candles -Do You Love It?- Protect your profits & enjoy the weekend.
Trade active
22:00 Hrs 18th Nov2016Recent High@110.84
Likely a pullback to the zone 110.40-110.50 staying above 110.35- key level & critical level-110 - we will hold for new highs beyond 11.84
Trade active
22;55 Hrs 18th Nov2016Current Price@110.56
Recent Low@110.42
UJ moves up from close by above key level@110.35
Trade active
00:02 IST Hrs 19th Nov2016Its Midnight. Have a nice weekend
Last Price@110.62
Likely holding for a new high in the range 111.10-11.20 with 110.35 key level & critical level-110
Trade active
07:29 Hrs 21st Nov2016Last Price@110.81
Booked Profits @111.10 as expected on 19th Nov2016 - Update00:02 Hrs
Raising the support@110.40- Going above 111-111.05 shall be looking for 111.30-111.40 zone
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
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Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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