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
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
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.