USD/JPY NEUTRAL (106.700 or 104.700)
Updated
My current BIAS for USD/JPY for the upcoming week is NEUTRAL.
My reasoning behind this is
-We are currently rejecting a previous Weekly Support.
-We have gapped around 45 pips in the market.
-We will be looking for the gap to refill as usually when a gap is made in the market after market opening we tend to see price revisit previous price before then moving forward.
-We could see a retest of our Daily Support with strong rejection after filling the gap and a push towards previous 4HR Resistance at 106.700.
-We could also see a break below our Daily Support following up with a retest after the gap has been filled with for targets at our Weekly Support at 104.700.
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My reasoning behind this is
-We are currently rejecting a previous Weekly Support.
-We have gapped around 45 pips in the market.
-We will be looking for the gap to refill as usually when a gap is made in the market after market opening we tend to see price revisit previous price before then moving forward.
-We could see a retest of our Daily Support with strong rejection after filling the gap and a push towards previous 4HR Resistance at 106.700.
-We could also see a break below our Daily Support following up with a retest after the gap has been filled with for targets at our Weekly Support at 104.700.
Like & Follow for updates & future analysis.
Trade active
I have entered a BUY LIMIT at 105.075. I will be hoping we see strong rejection once this price is tested as we have not fell below these regions for a while.
I will hope to see a rise to 105.600.
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