In yesterday's analysis, I expected UJ to continued grinding upwards, which was exactly what the market performed. A recap on how I identified a bullish reversal since the 6th Jan. On the 6th Jan, I identified a potential reversal due to the fakeout at the 103.000 key support zone, as the market was way too over-extended with majority chasing them. On 8th Jan - 22th Jan was when I talked about the exhaustion pattern as price was bouncing back & forth. On the 25th - 27th I talked about the buildup phase as price was leaning against the upper band of the exhaustion pattern (flag), with potential breakout with 104.27 & 104.70 as the targets. Everything was going according to the plan, I will link them in the comment section below.
In today's trading session, I will be favoring short-term buying opportunities with 105.550 as the target. As the market is currently slightly over-extended, the best way to guide your entries is to use the short to medium term moving averages (Eg. 18-20ema & 50ema). However, do not forget the overall trend on the higher timeframe remains bearish, I'm only trying to capitalize on the short-term bearish sentiment in the market. If at any point price shows bearish pressure breaking below 104.70 support zone, that could indicate sellers' again back in control.
Flexibility is the key. Trade safe.
Do follow my profile for daily fx forecast & educational content.
In today's trading session, I will be favoring short-term buying opportunities with 105.550 as the target. As the market is currently slightly over-extended, the best way to guide your entries is to use the short to medium term moving averages (Eg. 18-20ema & 50ema). However, do not forget the overall trend on the higher timeframe remains bearish, I'm only trying to capitalize on the short-term bearish sentiment in the market. If at any point price shows bearish pressure breaking below 104.70 support zone, that could indicate sellers' again back in control.
Flexibility is the key. Trade safe.
Do follow my profile for daily fx forecast & educational content.
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