USDJPY - trend retracement or could it be ranging market?
Updated
Clear uptrend from 104.700 the break at 107.700...
Previously at current price levels there is a period of price consolidation, this is confirmed by ADX indicator... Could it be the start of a Range market??
Look to play range (on smalls) with long entry at 108.500/300 (23.6% fibo retracement) and take profit should be near top of range at 109.500/110.00
2 options with stops keep it tight (~108.200) or alternatively look to average in closer to the 108.00/107.600 (38.2% fibo retracement) for the continuation of the uptrend where profit targets should be adjusted.
Long positions should be closed on the daily close below 107.500 which indicates a break in structure and possible resumption of the down trend.
Previously at current price levels there is a period of price consolidation, this is confirmed by ADX indicator... Could it be the start of a Range market??
Look to play range (on smalls) with long entry at 108.500/300 (23.6% fibo retracement) and take profit should be near top of range at 109.500/110.00
2 options with stops keep it tight (~108.200) or alternatively look to average in closer to the 108.00/107.600 (38.2% fibo retracement) for the continuation of the uptrend where profit targets should be adjusted.
Long positions should be closed on the daily close below 107.500 which indicates a break in structure and possible resumption of the down trend.
Note
Long Entry level adjusted slightlyOrder cancelled
Missed entry position again, with conservative level chosen based on overbought signal.Order cancelled and new order to be completed.
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