USDJPY - Range trade
Updated
-Prices has respected my consolidation zone (Zone 2)
-Prices look bullish still on Weekly Chart and it shows a simple correction, however, said correction shows ChoCh and hence bearish bias in Daily chart
-Prices are driving towards the Zone 1: resistance-turned-support zone (as marked by the circles).
-Whether it will continue to go down or finish the correction and resume the weekly trend up, I expect prices to range between Zone 1 and 2. I am thus trading this range.
-Tight SL below Zone 1, Buy limit within same zone.
-Prices look bullish still on Weekly Chart and it shows a simple correction, however, said correction shows ChoCh and hence bearish bias in Daily chart
-Prices are driving towards the Zone 1: resistance-turned-support zone (as marked by the circles).
-Whether it will continue to go down or finish the correction and resume the weekly trend up, I expect prices to range between Zone 1 and 2. I am thus trading this range.
-Tight SL below Zone 1, Buy limit within same zone.
Note
Daily Chart. Here is a clearer view of said zones and circles points:
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.