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I think USDJPY is preparing for a new up wave
Technically we have this bullish pattern and fundamentally there is a high demand for dollar in south america because of the devaluation of their local currencies
we can long from here aiming for the last high , then price will surely pullback and that will be our second long entry targeting the point D of the...
we can use abcd strategy to find the target
I think dollar gonna rise in value because of extreme demand in south america ( they all buy dollars and gold, but most of them buy dollars because of the devaluation of their national currency). Argentina have 50% devaluation of its money per year, uruguay got 50% devaluation within the last 3 years and same for...
pattern
the tiny bearish gartley or bearish bat will make the trend change(because it formed the top of a bigger harmonic) so price will form unto the target which is the pink rectangle
in order to form a big bullish bat
short term
gbpusd formed a bearish gartley
the bearish channel at the end of the trend
confirmate the possibility for price
to fall
price already pullbacked to it
and the channel resisted well
forming a bearish pinbar and then
engulfing it (two last 4h candles)
respect your money management
Convergence of resistance:
-trendline of the bearish channel
-point b may be reached
-emas 10 and 20 form a strong R and are crossing
-structure
will wait for a confirmation before entering