Two trading scenario may develop from here.
1) The market may bounce off towards the upside after a bullish engulfing candle within the blue box(buy zone);
or
2) After bouncing within the box for the first time, the market may break and close below it and have a head and shoulder setup.
Personally based on the technical setup, it seems more likely for (2) to happen, but USDJPY has a notorious reputation of being influenced by news.
1) The market may bounce off towards the upside after a bullish engulfing candle within the blue box(buy zone);
or
2) After bouncing within the box for the first time, the market may break and close below it and have a head and shoulder setup.
Personally based on the technical setup, it seems more likely for (2) to happen, but USDJPY has a notorious reputation of being influenced by news.
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🕒 15mins workday for Young Parents
🏦 Qualify Junior Analyst within 90days
🎤 Keynote Speaker
Get into our 15mins workday community
discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
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🏦 Qualify Junior Analyst within 90days
🎤 Keynote Speaker
Get into our 15mins workday community
discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
instagram.com/raynlim/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.