With UJ finishing out the week bearish and all trade Take Profit hit at 109.05, I took a fresh look at this pair from the monthly down.
Monthly: Showing signs of bearish engulfing candles and MA's crossing over which indicates structure break.
Weekly: Bearish engulfing broke structure and made a retrace wick up to a MAJOR weekly level @ 111.000. Be observant of why this pair retested that level (structure).
Daily: Created Lower High at my 38.2 line / weekly level / structure. Price also retested trend line which will soon show a breakthrough or rejection. Multiple confirmations for new lows on this time frame.
I am still bearish on this pair and the Dollar. I want to see price breakthrough my monthly line and trend line to create new lows. This should not be hard if bears stay in market. Remember this is plain Technical Analysis based off pure structure. I never marry a direction, just react with what is shown to me.
I will update charts after Sunday and provide any more analysis to help with entering this pair this week. Stay safe and be sure to put in that weekend Chart Time.
Monthly: Showing signs of bearish engulfing candles and MA's crossing over which indicates structure break.
Weekly: Bearish engulfing broke structure and made a retrace wick up to a MAJOR weekly level @ 111.000. Be observant of why this pair retested that level (structure).
Daily: Created Lower High at my 38.2 line / weekly level / structure. Price also retested trend line which will soon show a breakthrough or rejection. Multiple confirmations for new lows on this time frame.
I am still bearish on this pair and the Dollar. I want to see price breakthrough my monthly line and trend line to create new lows. This should not be hard if bears stay in market. Remember this is plain Technical Analysis based off pure structure. I never marry a direction, just react with what is shown to me.
I will update charts after Sunday and provide any more analysis to help with entering this pair this week. Stay safe and be sure to put in that weekend Chart Time.