USDJPY 2 ways thinking.
Updated
Short term form supply zone, Sell! Long term, Buy.
Weekly candle closed extremely bearish.
It is not a smart move to enter any positions right now until Daily candle closed with a bullish reversal candle. A pin bar at 110.900 area would be ideal. I am inclined to do buy because of its Daily uptrend structure.
Current sell orders are from a monthly zones. It requires a couple of days to diminish the orders before the trend starts moving in upward movement again.
For now, I would like to see a decrease in momentum and a reversal candle signal at 110.900 to position some buy orders.
Weekly candle closed extremely bearish.
It is not a smart move to enter any positions right now until Daily candle closed with a bullish reversal candle. A pin bar at 110.900 area would be ideal. I am inclined to do buy because of its Daily uptrend structure.
Current sell orders are from a monthly zones. It requires a couple of days to diminish the orders before the trend starts moving in upward movement again.
For now, I would like to see a decrease in momentum and a reversal candle signal at 110.900 to position some buy orders.
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Weekly support. Entry at Fibo 0.618.Disclaimer
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