Wait for the clear signal
Forex today in Asia was an eventless, quiet affair, as the sentiment was mainly driven by the fight between risk-recovery and anti-risk appetite. The increasing rate of wage missed expectation last Friday, which is obstructing US dollar to keep strong. Additionally, the uncertainty of Brexit is still high stimulating the rise of Yen.
On the technical aspect, the pair is forming head and shoulders pattern. It could be confirmed after it lost the support at 111.30, that should confirm that the rebound from 109.75 is completed. It will carry larger bearish implication, intraday bias is back on the downside for 38.2% retracement of 111.80 to 109.75 at 111.00. Further decline should be seen to 110.50.Upside, though, steadily standing on 111.30 will turn focus back to 111.80 and 112.10 resistance instead.
The target is 110.50.
Turning point: 111.30.
Above 111.30, bullish , target price is 111.80,then 112.10.
Under 111.30, bearish , target price is set at 111.00, then 110.50.
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Prior Strategy:
On the technical aspect, the pair is forming head and shoulders pattern. It could be confirmed after it lost the support at 111.30, that should confirm that the rebound from 109.75 is completed. It will carry larger bearish implication, intraday bias is back on the downside for 38.2% retracement of 111.80 to 109.75 at 111.00. Further decline should be seen to 110.50.Upside, though, steadily standing on 111.30 will turn focus back to 111.80 and 112.10 resistance instead.
The target is 110.50.
Turning point: 111.30.
Above 111.30, bullish , target price is 111.80,then 112.10.
Under 111.30, bearish , target price is set at 111.00, then 110.50.
If you like the strategy, please click "AGREE" and follow me. Your trust is my biggest motivation.
Prior Strategy:
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