USDJPY | MY PERSPECTIVE FOR THE WEEK
With over 120pips in our direction since my last publication (see link below for reference purposes); The Greenback made efforts to pull back against the Japanese yen for a majority of the week but got capped at 106.200 level as the Yen fights for value by pushing price back into my Key zone. The key zone has been supporting price since the beginning of the month with signs that the Bears are finding it difficult to break through this level which suggests a more flexible trading approach in the coming week.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Reversal Structure (H & S) | Supply & Demand
Observation: i. With line drawn over pivot highs since begining of July 2020, the emphasis on Bearish tendencies keep increasing.
ii. H & S: A pattern formation at the peak of a Correction move at the beginning of the month (Aug. 2020) appears as a baseline with three peaks (outside two close in height and the middle is highest).
iii. A further Breakdown of my Key zone in the following week(s) might be my signal for decline continuation.
iv. It is worth noting that my Key level as served as a major demand zone since the beginning of the month which signals that it still has the Buyers' strength.
iv. In as much as I am joining the Bears this week, fluidity is very key as a Bullish engulfing candle from my Key zone my render this set-up invalid with a possible rally in the air!
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Reversal Structure (H & S) | Supply & Demand
Observation: i. With line drawn over pivot highs since begining of July 2020, the emphasis on Bearish tendencies keep increasing.
ii. H & S: A pattern formation at the peak of a Correction move at the beginning of the month (Aug. 2020) appears as a baseline with three peaks (outside two close in height and the middle is highest).
iii. A further Breakdown of my Key zone in the following week(s) might be my signal for decline continuation.
iv. It is worth noting that my Key level as served as a major demand zone since the beginning of the month which signals that it still has the Buyers' strength.
iv. In as much as I am joining the Bears this week, fluidity is very key as a Bullish engulfing candle from my Key zone my render this set-up invalid with a possible rally in the air!
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
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