USDJPY Bullish Retracement but Alertness to Resistance Levels
업데이트됨
*DISCLAIMER* This is not trading directions or direct advice but an observation. I am relatively a new trader so this is learning oriented for other new traders***
As the populism news occurring last week is more or less "normalizing" we are treated with quite understandable patterns. The technical pair USD-JPY hasn't surprised us if we take a step back and look at the 4hour and hourly charts.
After the bearish fib pattern in the last 2 weeks of January, we can see another smaller pattern occur in these early days of February. This bat like figure supports the bullish retracement, though I do admit the alignment is off... and some data manipulation/estimation is used.
Some reasons for the smaller reaction include FoMC chair Janet Yellen's announcement not mentioning a hike in March leading to many giving up the recent dollar rallying cry.
The Japanese yen has also seen fallback while a large majority of the market has been selling dollar. The US government is aggressively looking at other currencies in a "fairness balance," but what they can actually do about it is limited.
Nevertheless, fundamentals tell us that there will be a bullish retracement.
How far and what time frame is what we try to look for in forex.
If you want to learn more I suggest reading "Gartley Patterns" and understanding fibonacci numbers, find out what "0.618" means.
Entry Point 112.3 ;(I wanted to enter at 112.1 but missed it)
Take Profit 113.5-6
Stop Loss: 112.0
Good luck and always continue learning!
As the populism news occurring last week is more or less "normalizing" we are treated with quite understandable patterns. The technical pair USD-JPY hasn't surprised us if we take a step back and look at the 4hour and hourly charts.
After the bearish fib pattern in the last 2 weeks of January, we can see another smaller pattern occur in these early days of February. This bat like figure supports the bullish retracement, though I do admit the alignment is off... and some data manipulation/estimation is used.
Some reasons for the smaller reaction include FoMC chair Janet Yellen's announcement not mentioning a hike in March leading to many giving up the recent dollar rallying cry.
The Japanese yen has also seen fallback while a large majority of the market has been selling dollar. The US government is aggressively looking at other currencies in a "fairness balance," but what they can actually do about it is limited.
Nevertheless, fundamentals tell us that there will be a bullish retracement.
How far and what time frame is what we try to look for in forex.
If you want to learn more I suggest reading "Gartley Patterns" and understanding fibonacci numbers, find out what "0.618" means.
Entry Point 112.3 ;(I wanted to enter at 112.1 but missed it)
Take Profit 113.5-6
Stop Loss: 112.0
Good luck and always continue learning!
노트
Didn't reach target, heavy drop at 113.4.113.7 resistance, proved actually to be 113.44
NFP news assisted this heavy drop.
Overall, we will see retracement a few times next week. New resistance forming near levels we have seen.
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