1) A head and shoulders in the making
2) Selling interest noted around significant resistance
# Note that the pip calculation is in terms of YUAN so do vary your lot size accordingly for the desired profit / pip
Good luck! :)
- Neutral with a good range in place
Thoughts on this pair
- Looking ahead, I believe that JPY will be the next major currency to move (In my opinion it's going to be earlier than CHF). That said, technically it remains range bound until further confirmation and I wouldn't want to jump the gun before things fall in place.
So at this moment, I would...
Points to consider
-JPY in general has been gaining strength in this year. Most notably, USDJPY was the first major one to really give way to its strong support
-Lower highs respected in this pair, although we have yet to see lower lows
In my opinion, a fundamental change is happening in JPYs and that is shown on the charts. Yes this zone may again be...
1) Strong Euro continues to sustain a strong longer term uptrend
2) Obvious price level to watch appears
3) On a shorter term, a correction may seem possible given the upcoming risk event this weekend and the price action till now
At this moment, I remain neutral (Not wanting to chase up to join the FOMO crowd yet not looking to sell at the...
In my opinion, this pair offers a potential long opportunity should price fall to favorable level. However, I think that one should abstain from FOMO and jump the gun and allow the price to fall to important levels first before deciding on whether to enter. Again, entry, SL and TP is up to your own discretion. Good luck and have fun!
Technically the chart looks like a potentially good sell with price currently testing selling zone. However, note that after BOC started its hiking cycle, the price only did manage a higher low before allowing price to rise back to current supply zone with the BOE starting their reluctant hike. Personally I would abstain from this sell but should traders still be...
USDJPY has managed to bounce a few times at support 1 but the recent break, in my opinion, is a clear sign of where the market would be moving towards on a longer term horizon.
1) I'm more in favor of looking for buys near the next buying zone around support 2.
2) Still possible to look for buys along the way but, in my opinion, it is...
While BTC or other crypto-currencies MAY be the currencies of the future, one should not trade / invest solely upon this idea and it is important to take a look at actual price movements to understand where the larger funds / majority of the traders and investors are placing their bets. The BTCUSD chart tells a story of an initial hype that lost its appeal in my...
My take on EURGBP
1) EURGBP's sharp rejection from its top forms this potential downwards channel that has potential for a short opportunity. (The short bias is due to the strong rejection from the top)
2) 2 Lower highs were identified on the chart with the potential of a 3rd in the making
3) Mixed sentiments pertaining to EUR and GBP strength ensures the lack of...
1) GBPUSD has been on an established uptrend since UK election, obeying an obvious upwards trendline.
2) Shorter term wise lower highs spotted, signifying potential weakening buyers' strength
As such, I would be interested in looking for a short in GBPUSD for a shorter target TP (Given the potential uptrend being still intact).