Price has formed a double bottom formation at 113.485 on the 4hr timeframe, and has also formed a W formation with recent price action on the 4hr tf. The dollar has been gaining strength but UJ has not moved up due to YEN strength. I believe it is oversold and ready to make a move upwards to retest highs at 114.600. Price printed a bullish engulfing on the 4hr which broke a small descending trendline on the 4HR tf, however, the following candles broke back into the range probably due to low volume offering a golden zone entry.
I am hoping for this to be the push which breaks the larger descending trendline and allows a retest of 116.250.
I am hoping for this to be the push which breaks the larger descending trendline and allows a retest of 116.250.
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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.