USD/JPY Hourly chart:
Weekly Trend direction: Bearish
Weekly trend reversal level: 122.20
Resistance levels: 121.20, 121.75, 122.20
Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels after an entry signal.
Medium term: As our view for long term dollar weakness remains intact, we feel that 122.20 will cap rallies and initiate a drop back towards 105.00. Above 122.20 means that the dollar could rally much higher before a medium term top is formed.
Today: Rallying back to trend line and Fibonacci resistance at 121.40, and dipping down from there. Weekly momentum is bearish, despite last week's new high at 122.20, and we expect the dollar to try and reach down towards 120.00 and probably 118.00 this week and next. Allow for rallies to 121.20 and maybe 121.80 before renewed selling pressure takes this pair below 120.60 towards above-mentioned targets.
Weekly trend reversal level: 122.20
Resistance levels: 121.20, 121.75, 122.20
Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels after an entry signal.
Medium term: As our view for long term dollar weakness remains intact, we feel that 122.20 will cap rallies and initiate a drop back towards 105.00. Above 122.20 means that the dollar could rally much higher before a medium term top is formed.
Today: Rallying back to trend line and Fibonacci resistance at 121.40, and dipping down from there. Weekly momentum is bearish, despite last week's new high at 122.20, and we expect the dollar to try and reach down towards 120.00 and probably 118.00 this week and next. Allow for rallies to 121.20 and maybe 121.80 before renewed selling pressure takes this pair below 120.60 towards above-mentioned targets.
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