#USDJPY, long and short in Week 15, remain bullish in Week 16?
USDJPY moved as expected for the first half of Week 15, completing a 3 level bearish move. That move was quite fast as it completed in just half a week.
Following the completion of the bearish move, it then makes a bullish movement that took back the bearish move made during the first half of the week. What a strong bull we are seeing!
Traders who took short positions would have made a good profit, before getting out, and traders taking long trade would have made a good profit as well. Week 15 is indeed profitable for both sides of the market.
While a strong bull came in and made a new bullish level, the analysis pointed us to expect some form of consolidation before the price continues its upward trend.
For that matter, I am placing a neutral outlook for USDJPY as some form of consolidation is expected before the bullish upward move. In addition, it is quite a big range between the low and the high of bullish level 1, so being cautious and wait for a good entry to long might be the better option now.
If my analysis helped you in any way, I hope you can like and follow me on Tradingview! =)
Following the completion of the bearish move, it then makes a bullish movement that took back the bearish move made during the first half of the week. What a strong bull we are seeing!
Traders who took short positions would have made a good profit, before getting out, and traders taking long trade would have made a good profit as well. Week 15 is indeed profitable for both sides of the market.
While a strong bull came in and made a new bullish level, the analysis pointed us to expect some form of consolidation before the price continues its upward trend.
For that matter, I am placing a neutral outlook for USDJPY as some form of consolidation is expected before the bullish upward move. In addition, it is quite a big range between the low and the high of bullish level 1, so being cautious and wait for a good entry to long might be the better option now.
If my analysis helped you in any way, I hope you can like and follow me on Tradingview! =)
