phoenixwicks9

phoenixwicks9 Updated 

Ahead of Friday's expected BOJ rate hike (0.25% to 0.50%), USDJPY is at a critical juncture. Technical Insights: 1. Price found support on the 50-day moving average. 2. Lower time frames indicate a bearish bias, following the break of the ascending trend line on the 4-hour chart. Trade Plan: 1. Waiting for price reaction between the 50% and 78.6% Fibonacci...

phoenixwicks9 Updated 

Price has maintained its position above the daily support level since November 14th, 2024. Key Observations: 1. A buy-side imbalance and sell-side inefficiency(BISI) or Fair Value Gap(FVG) formed on the 4-hour timeframe, indicating strong buying pressure on the daily support level. 2. Price is currently holding above the 4-hour order block, partially mitigating...

phoenixwicks9

7 days ago, I shared a bullish idea that remains valid despite price failing to hold above 1.04321. Current Market Analysis: Price appears to be forming an Elliot Wave 2 (a-b-c) correction. Key Levels to Watch: - 38.2% Fibonacci retracement level (minimum required for Wave 2) - 88.7% Fibonacci retracement level (maximum allowed for Wave 2 to maintain bullish...

phoenixwicks9 Updated 

Today's JPY news has sparked a bearish reaction, with price breaking and retesting the trend line on the 1-hour chart. Near-term Outlook: Expecting further downside momentum, targeting the previous month's lows. Key Levels to Watch: - Broken trend line - Previous month's lows PS: This analysis is for educational purposes only and should not be considered...

phoenixwicks9 Updated 

A potential buying opportunity is emerging as the price breaks out of a descending trendline, fueled by a successful test of daily support and a bullish divergence on the 4-hour chart. The price has been creating higher highs, indicating a shift in momentum. Key levels to watch: 1. Retest of the broken trendline for a potential long entry. 2. Break and retest of...

phoenixwicks9 Updated 

Following a strong daily close above the resistance level, a buy-side imbalance and sell-side inefficiency(FVG) have been observed on the 4 hour chart. 1. As long as the price holds above the flipped resistance-turned-support level, the likelihood of a breakout above the trendline increases. 2. A successful breakout could propel the price towards higher...

phoenixwicks9 Updated 

A solid low has been established on the 4-hour chart, while the daily resistance remains intact. A retracement to the trend line is anticipated, providing an opportunity for buyers to step in. Bullish Scenario: If price holds above the trend line with substantial buying pressure and volume, EURUSD may extend its rally towards the supply zone around $1.0600,...