USDJPY: Market COLLAPSED, Looking for CONTINUATION
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the USDJPY, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis:
Since August, this market has been moving inside a clear rising wedge, a strong uptrend which we hope nobody tried to countertrend! End of October, we can see the market dropping, breaking the structure and coming back in, a clear false breakout, followed by a short period of consolidation where the formation of an expanding structure to the lower area of the rising wedge, started giving us the first clue of a potential move to the downside.
The market as many other YPJ pairs dropped, for more than 800 pip and now we will be looking for a further price action to see a possibility to capitalise on the next impulsive phase.
When, where and why would we step into the market?
Definitely, jumping now into the market does not make any sense, the market could reverse hitting your SL.
We will be patiently waiting for a correction, specifically a structure in line with the overall bias.
Only when the confluences will satisfy our method criteria, we will place ourselves in the market, trying to manage our risk as better as we can!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Top Down Technical Analysis:
Since August, this market has been moving inside a clear rising wedge, a strong uptrend which we hope nobody tried to countertrend! End of October, we can see the market dropping, breaking the structure and coming back in, a clear false breakout, followed by a short period of consolidation where the formation of an expanding structure to the lower area of the rising wedge, started giving us the first clue of a potential move to the downside.
The market as many other YPJ pairs dropped, for more than 800 pip and now we will be looking for a further price action to see a possibility to capitalise on the next impulsive phase.
When, where and why would we step into the market?
Definitely, jumping now into the market does not make any sense, the market could reverse hitting your SL.
We will be patiently waiting for a correction, specifically a structure in line with the overall bias.
Only when the confluences will satisfy our method criteria, we will place ourselves in the market, trying to manage our risk as better as we can!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
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.