Evening Traders,
Today’s analysis – USDJPY- establishing a probable double bottom with range high target.
Points to consider,
- Trend double bottom structure
- Range low support (Double Bottom)
- Range high (Resistance)
- Oscillators Divergence
- Oversold Conditions
USDJPY’s immediate price action is bullish establishing a double bottom formation, a typical reversal structure. This allows us to have a bullish bias on the market.
Range his is the immediate target, a respect of this level will establish a bearish retest.
Both oscillators are showing bullish divergences at current oversold conditions, price is likely to lead an oversold bounce.
Overall in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon management/ discretion.
Hope this analysis helps
Thank you for following my work!
And remember,
“Hope is bogus emotion that only costs you money.” – Jim Cramer
Today’s analysis – USDJPY- establishing a probable double bottom with range high target.
Points to consider,
- Trend double bottom structure
- Range low support (Double Bottom)
- Range high (Resistance)
- Oscillators Divergence
- Oversold Conditions
USDJPY’s immediate price action is bullish establishing a double bottom formation, a typical reversal structure. This allows us to have a bullish bias on the market.
Range his is the immediate target, a respect of this level will establish a bearish retest.
Both oscillators are showing bullish divergences at current oversold conditions, price is likely to lead an oversold bounce.
Overall in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon management/ discretion.
Hope this analysis helps
Thank you for following my work!
And remember,
“Hope is bogus emotion that only costs you money.” – Jim Cramer
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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!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/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.