Like GJ, I am staying very far away.
WEEKLY
We are currently testing with a hanging man, which is usually a reversal candlestick, so we will keep waiting for it to complete as it can change.
DAILY
This is the highest price UJ has ever crossed in its history, which indicates the strength of the dollar to the Yen. Which is why we can watch as well what the DXY is doing as this is the index to give us ideas of where the market is going.
4H
We have been in an ascending channel, this is only the second touch of the touch of the channel so we cannot assume yet that there will be a drop. If we get an override through pattern confirmation or candlestick confirmation then we could look for shorts. We are in an expanding channel within an ascending channel, so we could actually just be continuing to the upside and we are mid-range so it's not best to do anything.
1H
Just stay watching.
WEEKLY
We are currently testing with a hanging man, which is usually a reversal candlestick, so we will keep waiting for it to complete as it can change.
DAILY
This is the highest price UJ has ever crossed in its history, which indicates the strength of the dollar to the Yen. Which is why we can watch as well what the DXY is doing as this is the index to give us ideas of where the market is going.
4H
We have been in an ascending channel, this is only the second touch of the touch of the channel so we cannot assume yet that there will be a drop. If we get an override through pattern confirmation or candlestick confirmation then we could look for shorts. We are in an expanding channel within an ascending channel, so we could actually just be continuing to the upside and we are mid-range so it's not best to do anything.
1H
Just stay watching.
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