USDJPY: Approaching the Major High : Interpreting Price Action
This is an update to a sequel of price action analysis posts, please check previous below. Its not an actionable trade setup, but intended to be more of price action insight, and educational post on how to interpret price action over the long term to extract short term trade setups.
The pair failed at 100.75 support level as expected in my previous post, but the consolidation at that support took a long time before regaining the upside again.
The price manged to take 103.00 and 104.10 resistance levels, and approaching the main long term juncture at the 61.8 retracement level near 105.60.
I would continue to watch price action at that key level, as a break with a weekly closing above may confirm the extension of the long term bullish trend and targets the next potential milestone at 110.00.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
The pair failed at 100.75 support level as expected in my previous post, but the consolidation at that support took a long time before regaining the upside again.
The price manged to take 103.00 and 104.10 resistance levels, and approaching the main long term juncture at the 61.8 retracement level near 105.60.
I would continue to watch price action at that key level, as a break with a weekly closing above may confirm the extension of the long term bullish trend and targets the next potential milestone at 110.00.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
