USDJPY all in place
Updated
USDJPY being working exactly as the analysis (for now)
1- after reaching the bottom of the parallel channel it made a pull back 50+ pips
2- Went up once again and this time established itself inside the parallel channel (bullish sign)
3- Then again out of the channel just to retest the confluence it formed before (120.6)
4- Went up again to face resistance of the fib level 0.618 which ended up pushing to 1.272 (had a small resistance) and then to 1.618 (another small resistance)
5- Finally reached the top of the inside parallel channel and now we are seeing another pullback because of that resistance aswell as the Weekly resistance
IS THIS A SHORT? NOT UNTIL WE SEE A HIGHER TIME FRAME CONFIRMATION
IS RSI OVERBOUGHT? Absolutely, but that doesnt mean much rn
1- after reaching the bottom of the parallel channel it made a pull back 50+ pips
2- Went up once again and this time established itself inside the parallel channel (bullish sign)
3- Then again out of the channel just to retest the confluence it formed before (120.6)
4- Went up again to face resistance of the fib level 0.618 which ended up pushing to 1.272 (had a small resistance) and then to 1.618 (another small resistance)
5- Finally reached the top of the inside parallel channel and now we are seeing another pullback because of that resistance aswell as the Weekly resistance
IS THIS A SHORT? NOT UNTIL WE SEE A HIGHER TIME FRAME CONFIRMATION
IS RSI OVERBOUGHT? Absolutely, but that doesnt mean much rn
Note
Exactly as the analysis once again, price is coming down right out of top of the parallel channelkind of scary how exact was the analysis considering it was made back in 2021
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