USDJPY - Break of Support Cluster
Updated
Hi Traders!
The market is in a Range.
As you can see we had a weekly Trendline Break.
This important Break was followed by a successful Retest.
After that, the market consolidated inside the orange box.
If you take a closer look, you see that the market made
two descending trendlines and broke both of them bullish.
After the second Break the market made an even higher high.
Potentially this high price gave outstanding sellers the opportunity
to get in - However, the market headed down with strong momentum.
After a short Pullback (on the left hand side of the label "Support Cluster")
we see another strong bearish momentum engulfing candle.
This shows bearish strength.
Now the price is consolidating there.
We're between an ascending and a descending Trendline too.
As we saw bearish momentum earlier, we think that the market will
break bearish (not bullish)- below the Support cluster.
What is your view on UJ? Leave a comment!
Thanks and successful Trading :-)!
The market is in a Range.
As you can see we had a weekly Trendline Break.
This important Break was followed by a successful Retest.
After that, the market consolidated inside the orange box.
If you take a closer look, you see that the market made
two descending trendlines and broke both of them bullish.
After the second Break the market made an even higher high.
Potentially this high price gave outstanding sellers the opportunity
to get in - However, the market headed down with strong momentum.
After a short Pullback (on the left hand side of the label "Support Cluster")
we see another strong bearish momentum engulfing candle.
This shows bearish strength.
Now the price is consolidating there.
We're between an ascending and a descending Trendline too.
As we saw bearish momentum earlier, we think that the market will
break bearish (not bullish)- below the Support cluster.
What is your view on UJ? Leave a comment!
Thanks and successful Trading :-)!
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