Is The USDJPY Topping Out??? Time To SELL Hmmmmm
On my previous USDJPY trade idea I said that if there was a clean break of 138 then we would move up to new highs this occurred last week and have now entered a HUGE untested SUPPLY/SELL zone with a nice 1,2,3 push topping formation on both the WEEKLY Chart and on the RSI showing this formation with the MACD also starting to show divergence.
When these sort of formations start to appear on higher timeframes its a very strong sign that a HUGE correction is not far away especially if we are also inside a huge monthly supply level although the USDJPY move has been driven by fundementals and divergening policies in the US and JAPAN, I suspect these polices will change very soon as this is a key area.
Price action is showing that a top is very new and you would not want to buying inside this area as when this pair corrects it can have a clear path down towards 126 as marked on the chart.
It may rise a lttle further though any new high will be quickly sold off personnally i will start building into a SHORT position selling each rally higher and target the 126 area by Year end huge potential on this position though not for the faint hearted and will need to hold, we will likely start to see maniplulation by large players as thet unwind their LONG positions.
The clearest and easiest way to see what the market will do next is looking at the weekly and monthly charts as this is were the big moves start and finish.
When these sort of formations start to appear on higher timeframes its a very strong sign that a HUGE correction is not far away especially if we are also inside a huge monthly supply level although the USDJPY move has been driven by fundementals and divergening policies in the US and JAPAN, I suspect these polices will change very soon as this is a key area.
Price action is showing that a top is very new and you would not want to buying inside this area as when this pair corrects it can have a clear path down towards 126 as marked on the chart.
It may rise a lttle further though any new high will be quickly sold off personnally i will start building into a SHORT position selling each rally higher and target the 126 area by Year end huge potential on this position though not for the faint hearted and will need to hold, we will likely start to see maniplulation by large players as thet unwind their LONG positions.
The clearest and easiest way to see what the market will do next is looking at the weekly and monthly charts as this is were the big moves start and finish.
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