A stop long will be used to enter UJ at around 20 pips above resistance with an SL set below Thursdays low (the two little hammers on the daily to set up the trade). This will allow for a long entry if resistance is broken and a momentum move occurs. It could also be triggered if the current short environment triggers a bank reaction creating a spike in the pair.
Trade active
This could go either way. There's a double top in the current congestion formation that could lead to a drop to around 107. However, the moves, both down and up from March thru now, have both been impulsive (retracing less than 50% on the daily down and up). That's a strong reversal off the low. The current move had its retracement cut short by the holiday weekend. It may not be finished here. I expect a strong move up when retracement is complete.
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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.