1HR USDJPY bullish
Bullish bias
1. Moving averages are showing price in bullish bias
2. price has continued to create new HLs breaking out of the 1 HR support and 1 HR resistance.
3. price is getting close to reach bearish OB from their 1st RS/LH from July 21st.
when it does, price may go bearish to retest the 1 HR resistance or lower before
returning bullish. there are two bearish OB areas between the 1 HR resistance and 1 HR support.
4.higher time frames also indicate bullish bias.
5. with strong bullish bias, I’d like to see if there would be a minimal retest or if they would do a drop/retest where the fib levels area/circle was drawn before returning bullish.
When it does, it will be a large drop before returning bullish.
However with the high time frames are showing bullish, I’d go with a small retest at 1 HR resistance zone before returning bullish.
1. Moving averages are showing price in bullish bias
2. price has continued to create new HLs breaking out of the 1 HR support and 1 HR resistance.
3. price is getting close to reach bearish OB from their 1st RS/LH from July 21st.
when it does, price may go bearish to retest the 1 HR resistance or lower before
returning bullish. there are two bearish OB areas between the 1 HR resistance and 1 HR support.
4.higher time frames also indicate bullish bias.
5. with strong bullish bias, I’d like to see if there would be a minimal retest or if they would do a drop/retest where the fib levels area/circle was drawn before returning bullish.
When it does, it will be a large drop before returning bullish.
However with the high time frames are showing bullish, I’d go with a small retest at 1 HR resistance zone before returning bullish.
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.