USDJPY 03/08/19
- Daily
Market closed with a strong bearish candle today. I didn't post yesterday because I didn't see much of a change from my previous assessment of the market.
On this timeframe we can see how price played right off of the 786 Fib level and began pushing to the downside. Price may stay within the channel, but if it's a confirmed break, then we could look for price to test the 110.000 range.
- 4H
Here, we can see price form a tested candle formation on the bottom of the channel (bearish to bullish). Until I see a confirmed break the channel is still valid to me. The way price closed below the Kumo on this timeframe is a signal for more bearish sentiment. However, price did not break the previous low.
We'll just have to see how next week sets up for us.
Market closed with a strong bearish candle today. I didn't post yesterday because I didn't see much of a change from my previous assessment of the market.
On this timeframe we can see how price played right off of the 786 Fib level and began pushing to the downside. Price may stay within the channel, but if it's a confirmed break, then we could look for price to test the 110.000 range.
- 4H
Here, we can see price form a tested candle formation on the bottom of the channel (bearish to bullish). Until I see a confirmed break the channel is still valid to me. The way price closed below the Kumo on this timeframe is a signal for more bearish sentiment. However, price did not break the previous low.
We'll just have to see how next week sets up for us.
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