Coming week, USDJPY in a heavily congested resistance
Price has tried to break through the 106.62 resistance at the close of trading this week for USDJPY but I think that move is exhausted. On the daily, price is tracing out a downtrend and I believe that is how it will be for the coming week. Just hopeful.
On the 4 hour chart shown above, price has confirmed a trend reversal, but the downtrend preceding it took only 5 days, so I foresee a shorter time for this trend reversal if it succeeds. Maybe after a day or two, price will revert to the downtrend on the daily.
Just watching this pair. Not decided yet on what decision to take. The 106.62 resistance is a heavily congested area of recent. I don’t see long trades succeeding. Not yet. But as for shorts, well, only time will tell.
On the 4 hour chart shown above, price has confirmed a trend reversal, but the downtrend preceding it took only 5 days, so I foresee a shorter time for this trend reversal if it succeeds. Maybe after a day or two, price will revert to the downtrend on the daily.
Just watching this pair. Not decided yet on what decision to take. The 106.62 resistance is a heavily congested area of recent. I don’t see long trades succeeding. Not yet. But as for shorts, well, only time will tell.
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.