USDJPY Daily S/R| Swing High| .618 Fibonacci| Price Action

2020年12月12日

Evening Traders,

Today’s analysis – USDJPY- tested long liquidity with a bounce probable towards Daily S/R,

Points to consider,
- Price Action Impulsive
- Local S/R Support
(Long Liquidity tapped)
- Daily S/R Resistance
(.618 Fibonacci Confluence)
- Climatic Volume

USDJPY’s immediate price action is impulsive above long liquidity and Local S/R, this allows for a bullish bias.

The Daily S/R is current objective which is also in confluence with the .618 Fibonacci, a rejection here is probable.

The RSI is trading in its bearish control zone, remaining in these levels is indicative of weakness.

The volume profile has a climatic node, indicative of a temporary bottom being set, follow through will be critical.

Overall, in my opinion, USDJPY is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work!

And remember,

“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore