USDJPY needs to test and makes a support level
This morning on Asia trading session, the market comes out from May,1 sideway price level at 106.6 and go toward Buyers positions while stopping out Sellers on the way by May,4 US opening shooting star candletick.
With not many Sellers around this certain level, it makes traders aware and wait for confirmation of it next move whether it will bounce or start a downtrend. To convince trader, The Market needs to test a full Buyers positions that has been accumulated since the end of April and make it as potential support level to trigger more Buyers to open more positions before it begins to break the Support and stops the Buyers out.
As prediction, The Market has no choice but to start a downtrend right after stopping the Buyers by breaking support level and trigger some Breakout Sellers with it.
With not many Sellers around this certain level, it makes traders aware and wait for confirmation of it next move whether it will bounce or start a downtrend. To convince trader, The Market needs to test a full Buyers positions that has been accumulated since the end of April and make it as potential support level to trigger more Buyers to open more positions before it begins to break the Support and stops the Buyers out.
As prediction, The Market has no choice but to start a downtrend right after stopping the Buyers by breaking support level and trigger some Breakout Sellers with it.
Penafian
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