USDJPY Downward Channel (Step Down) April 12, 2017, Friday
Updated
Observation:
Price moves in a Downward Channel.
Bears is in control.
No sign of bull candlestick pattern.
Price near dynamic support.
Analysis:
If price breaks dynamic support of downward channel, there is high probability for price to slide down, short.
If price retrace at dynamic support & imitate previous move, LONG & TP at middle dynamic resistance.
Conclusion:
High opportunity for both LONG and SHORT.
Price moves in a Downward Channel.
Bears is in control.
No sign of bull candlestick pattern.
Price near dynamic support.
Analysis:
If price breaks dynamic support of downward channel, there is high probability for price to slide down, short.
If price retrace at dynamic support & imitate previous move, LONG & TP at middle dynamic resistance.
Conclusion:
High opportunity for both LONG and SHORT.
Note
Price did not respect previous doji which should be a sign of reversal.Price would probably drop on Monday and play at the (red box).
Note
106.701Note
But price still have a strong Ace card, the dynamic support of downward channel. Price have probability of bounce there at it's current price.
Need to watch on Monday for more signal confirmation.
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