The Yen has been building in strength through the summer. Here price has entered in to a small range(within a larger downtrend), with price being rejected at the .618 fib retracement and the resistance line, which created a confluence of resistance. Recent candle wicks show rejection at the 101.800 level, so I suspect this retracement may becoming to an end.
entry point should be approx. 101.800 area with a stop set in the 102.000 area. This stop placement was chosen since it has been a place of support and resistance in the past, and congestion seems to form there. Take profit would be fluid, evaluate PA and ride the trend down. (monitor the news as BOJ is known to intervene as their currency strengthens)
entry point should be approx. 101.800 area with a stop set in the 102.000 area. This stop placement was chosen since it has been a place of support and resistance in the past, and congestion seems to form there. Take profit would be fluid, evaluate PA and ride the trend down. (monitor the news as BOJ is known to intervene as their currency strengthens)