USDJPY Exactly as Predicted
Like I said before, top of the parallel channel will act as a resistance which in this case did and fell almost to the bottom of the channel.
With fib we can see the levels that are being respected 0.618 and 1.272 which acted as support
after reaching this lvl, USDJPY went for another push up.
Is this a short? short term it was with pretty low risk and high reward at the top of the channel
But now we gotta see it play again since it will need to reconfirm the strength of the channel.
Another point is that It needs to get out of the channel, The longer it stay inside, the higher the risk is to push more since now that channel will act as supp / consolidation
until then its risky to short or even long (for a mid-long trade)
For day trade, it can be an opportunity depending on how you play it
With fib we can see the levels that are being respected 0.618 and 1.272 which acted as support
after reaching this lvl, USDJPY went for another push up.
Is this a short? short term it was with pretty low risk and high reward at the top of the channel
But now we gotta see it play again since it will need to reconfirm the strength of the channel.
Another point is that It needs to get out of the channel, The longer it stay inside, the higher the risk is to push more since now that channel will act as supp / consolidation
until then its risky to short or even long (for a mid-long trade)
For day trade, it can be an opportunity depending on how you play it
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