USDJPY BEAR SWING
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Here we see USDJPY in its final push upwards. As we can see by the chart 138.00 is a very significant level for TWO reasons
1. It is a major FIBO level that is retesting the overall DOWNTREND that we are on from a WEEKLY perspective, this has been a necessary retracement to the massive downward trend that we had begun late last year.
2. It is the 1.6 FIBO EXTENSION of our current Daily/H4 uptrend and at this level usually overbought/sold conditions exist
Using this framework we can create a nice entry for our resulting swing downwards. This trade highly depends on the NFP data next week to come in not as HOT as last month
1. It is a major FIBO level that is retesting the overall DOWNTREND that we are on from a WEEKLY perspective, this has been a necessary retracement to the massive downward trend that we had begun late last year.
2. It is the 1.6 FIBO EXTENSION of our current Daily/H4 uptrend and at this level usually overbought/sold conditions exist
Using this framework we can create a nice entry for our resulting swing downwards. This trade highly depends on the NFP data next week to come in not as HOT as last month
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NFP will be key next week for trend confirmationBình luận
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Updating because i want this IDEA at the topBình luận
TP1 HITUSDJPY MELTING AS SUGGESTED
LOOK FOR CPI TO PROVIDE RESISTANCE STRUCTURE FOR REENTRY TO BEAR SWINGS
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