USDJPY took out nearly all of last week’s post election decline in several hours. The rally is impulsive (5 waves) so strategy calls for buying a dip. Proposed support is either 104.70s or near 104.15. Upside focus could be significant given the one sided positioning (COT), which was discussed in a note last week. Also, a volume reversal triggered on a daily basis with today’s volume greater than 2 x the 20 day average. That has only happened 3 times in this direction (see scandex.com/2020/11/market-update-11-9-important-stock-market-signal/ for more).
Director of Technical Research at Krilogy, author Sentiment in the Forex Market
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
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.
Director of Technical Research at Krilogy, author Sentiment in the Forex Market
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
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.