USDJPY tried multiple times to test the bear trend extreme after the 3-Push correction.
It seems like bears can't keep price below the EMA, with gaps getting smaller and smaller at each bear swing.
Now, it's forming sort of a Double Bottom at the bull Trend Line at the end of what seems to be a 2-legged bear move. Chances are that the bears are exhausted and if the current candle closes with a bull body or even a small bear body, there could be a good long scalp.
The problem is that it looks like a Barb Wire too, so any Breakout tend to fail. Still, there could be a good opportunity to enter in second leg after a bullish breakout out of the Double Bottom.
It seems like bears can't keep price below the EMA, with gaps getting smaller and smaller at each bear swing.
Now, it's forming sort of a Double Bottom at the bull Trend Line at the end of what seems to be a 2-legged bear move. Chances are that the bears are exhausted and if the current candle closes with a bull body or even a small bear body, there could be a good long scalp.
The problem is that it looks like a Barb Wire too, so any Breakout tend to fail. Still, there could be a good opportunity to enter in second leg after a bullish breakout out of the Double Bottom.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.