Signal for SHORT on the pair occurred on 08/10 @128.026. Unfortunately, I hesitated to place the trade and entered on 08/13 @125.846. I've set two targets (gold lines), which are indicated in the demand areas (blue rectangle) on the chart. My trading system and methodology typically includes at least three price targets, however due to the erratic nature of YEN crosses two firm targets are now the norm.
Signal strength and direction favoring more downside pressure and overall retail trading sentiment is BULLISH, but only moderately so. The contrarian signal is therefore BEARISH, but it seems the long crowd are growing LESS net-long which may indicate an upcoming market range.
Signal strength and direction favoring more downside pressure and overall retail trading sentiment is BULLISH, but only moderately so. The contrarian signal is therefore BEARISH, but it seems the long crowd are growing LESS net-long which may indicate an upcoming market range.
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Need to revamp my parameters for this pair, all YEN crosses for that matter.