USDJPY....headed upwards
As discussed in my previous posts, we were long the pair and advised entry in 3 tranches. 2 of the trades were executed at our levels and we also hit our TP at 109.20 levels...
I had mentioned in my previous posts that 109.30 is an area of congestion and we can see that markets so far couldn't beat that level is around that zone. If you look at the RSI, bulls pulled it upwards very sharply from undervalued zone to now in their zone, where it may show over bought. However, with experience, we know markets can remain over bought for longer period of time
Look out for how RSI moves to decide the next course of action. 109.5 looks in reach, but if RSI retraces back to oversold zone, trend could reverse, else, uptrend likely to continue
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Cheers
I had mentioned in my previous posts that 109.30 is an area of congestion and we can see that markets so far couldn't beat that level is around that zone. If you look at the RSI, bulls pulled it upwards very sharply from undervalued zone to now in their zone, where it may show over bought. However, with experience, we know markets can remain over bought for longer period of time
Look out for how RSI moves to decide the next course of action. 109.5 looks in reach, but if RSI retraces back to oversold zone, trend could reverse, else, uptrend likely to continue
If you like what you read, please share a thumbs up
Cheers
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