USDJPY - Short term bearish, long term bullish
WEEKLY: Bullish posture. Price created an imbalance prior to breaking above HH
DAILY: Bullish posture. There is a level of demand that has yet to be retested along with an imbalance that has yet to be filled. 0.5 Fib level falls where Daily demand and Weekly imbalance meet.
4HR: Bullish posture. Buying pressure seems to be slowing down for retracement.
FUNDAMENTALS: Seasonality for the coming week is bearish. COT continues to buy USD over JPY.
I personally believe scenario B is more plausible. In either scenario, wait for price action to come into zone, show rejection off zone and confirmation for continuation back up.
PATIENCE PAYS WHEN DISCIPLINE IS AT WORK
DAILY: Bullish posture. There is a level of demand that has yet to be retested along with an imbalance that has yet to be filled. 0.5 Fib level falls where Daily demand and Weekly imbalance meet.
4HR: Bullish posture. Buying pressure seems to be slowing down for retracement.
FUNDAMENTALS: Seasonality for the coming week is bearish. COT continues to buy USD over JPY.
I personally believe scenario B is more plausible. In either scenario, wait for price action to come into zone, show rejection off zone and confirmation for continuation back up.
PATIENCE PAYS WHEN DISCIPLINE IS AT WORK
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