USDJPY - MARKET SYMMETRY IN PLAY - LOOKING FOR LONG
Updated
As stated on the chart we can see that the price is at a key level, which acted as a turning point in the past and could do the same now as well. As we speak the price action suggests a Morning Star Formation on that level, should the candle close where it is now or even higher. With the tensions on the geopolitical level easing (we can clearly see that with the price of GOLD which is already down by 0.5) we could see investors shifting away from safe heaven assets such as the JPY, GOLD into more risky assets as they become less risk averse.
Furthermore one more reason I believe we could be seeing a reversal is that the turning point displayed on the chart in the past occurred on almost the same exact RSI point as it is today which acts as more confirmation.
Therefore I would personally be looking for a small pullback on a shorter TF such as the 1H to go long. Awaiting for some more confirmation
As always trade safe and do your own due diligence before entering a trade.
For further insights join me on:
valuedbusinessconsulting.com/
Furthermore one more reason I believe we could be seeing a reversal is that the turning point displayed on the chart in the past occurred on almost the same exact RSI point as it is today which acts as more confirmation.
Therefore I would personally be looking for a small pullback on a shorter TF such as the 1H to go long. Awaiting for some more confirmation
As always trade safe and do your own due diligence before entering a trade.
For further insights join me on:
valuedbusinessconsulting.com/
Note
wait for a small pullback and then enter if you want to join the big move up
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