USDJPY, week 9 move gives week 10 a clear direction
USDJPY has continued its upward move in week 9 and it showed no mercy in its move. USDJPY made fast price movement and reversing back upwards after a seemingly bearish reversal move.
I continue to avoid trading USDJPY for week 9 for a simple reason. I was unclear of the direction.
However, the move in week 9 seems to have pointed out that the pair would continue its bullish move in week 10.
A reversal pattern was spotted, albeit in the absence of a three-level downtrend move. The reversal move can be seen as an H&S or double bottom, just like USDCHF.
The bull power seems to be strong in the pair as the price moved up with no reservation and no signal of any retracement. Most retail traders would expect a pullback, but I doubt that would happen.
So for week 10, I would be looking to enter long, probably in Tuesday or end Monday.
I hope all traders to continue with a profitable Week 9 ahead. Please share your thoughts below, like and follow me for my weekly analysis on EURUSD, GBPUSD, USDJPY, and USDCHF!
I continue to avoid trading USDJPY for week 9 for a simple reason. I was unclear of the direction.
However, the move in week 9 seems to have pointed out that the pair would continue its bullish move in week 10.
A reversal pattern was spotted, albeit in the absence of a three-level downtrend move. The reversal move can be seen as an H&S or double bottom, just like USDCHF.
The bull power seems to be strong in the pair as the price moved up with no reservation and no signal of any retracement. Most retail traders would expect a pullback, but I doubt that would happen.
So for week 10, I would be looking to enter long, probably in Tuesday or end Monday.
I hope all traders to continue with a profitable Week 9 ahead. Please share your thoughts below, like and follow me for my weekly analysis on EURUSD, GBPUSD, USDJPY, and USDCHF!
