USD/JPY top-down analysis
Updated
Hello Traders, this is my second time writing this, the first time I deleted the whole thing.
Weekly Analysis: The market is on a Horizontal Channel with some highs and lows. Price is currently bouncing off major highs multiple times. Zooming out, we could see price action creating a symmetrical triangle. Could we see price hold on or break above structure?? Prior to the last channel, we could see that price created a Descending Channel with swing highs and lows. We could see price start to break and make newer corrections to the upside.
Daily Analysis: Price made an Ascending Channel with highs and lows. Price completed the correction stage and broke above creating a smaller correction continuation to the upside.
Fourly Analysis: Price made a Horizontal channel. Price broke below major lows for a continuation but instead, it was a false breakout because it didn't continue downwards. Now price is creating a Descending Channel. We could see price bouncing off lower highs. Could price hold on for selling power or is it going to break above for a newer correction continuation?
One Hourly Analysis: Price is creating an Ascending Impulsive Channel to the upside. Price is still in a corrective stage which means price hasn't yet broken or completed the correction. Waitng for price to break above channel line or lower trendline for possilbe entry.
Weekly Analysis: The market is on a Horizontal Channel with some highs and lows. Price is currently bouncing off major highs multiple times. Zooming out, we could see price action creating a symmetrical triangle. Could we see price hold on or break above structure?? Prior to the last channel, we could see that price created a Descending Channel with swing highs and lows. We could see price start to break and make newer corrections to the upside.
Daily Analysis: Price made an Ascending Channel with highs and lows. Price completed the correction stage and broke above creating a smaller correction continuation to the upside.
Fourly Analysis: Price made a Horizontal channel. Price broke below major lows for a continuation but instead, it was a false breakout because it didn't continue downwards. Now price is creating a Descending Channel. We could see price bouncing off lower highs. Could price hold on for selling power or is it going to break above for a newer correction continuation?
One Hourly Analysis: Price is creating an Ascending Impulsive Channel to the upside. Price is still in a corrective stage which means price hasn't yet broken or completed the correction. Waitng for price to break above channel line or lower trendline for possilbe entry.
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Price broke below correction with a reversal to the downside. Is price going to hold selling power?
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