USD/JPY Case Study October - November
From 21st September until 15th October, there has been a massive bullish impulse move. The market then entered a consolidation phase until 5th November in which we can see a drop in the market that then fuelled another bullish impulse. It looks like a head and shoulders pattern is forming on the H4 timeframe.
As price broke out of the ranging market to the downside but then quickly changed direction to form the bullish impulse leg. It looks like this was a liquidity grab below 113.257 to above 114.703. As there is still an imbalance in price I believe that USD/JPY will continue to the downside to fill this imbalance.
As price broke out of the ranging market to the downside but then quickly changed direction to form the bullish impulse leg. It looks like this was a liquidity grab below 113.257 to above 114.703. As there is still an imbalance in price I believe that USD/JPY will continue to the downside to fill this imbalance.
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