There seems to be an inflexion point in the long-term trend upwards of several pairs with JPY and GBPJPY is one offering the biggest ATR and potential to catch a part of that inflexion. It has risen very strongly so far but is steadfastly breaking all intermediary support levels on the way down.
Plus, today's claimant count and unemployment rate numbers just confirm the view that previous rate hikes are clearly starting to put pressure on inflation and we will see a weaker second half of 2023.
I will open a small short position and add to it as long as price keeps doing lower highs and lower lows. This will be a phased trade of riding the trend down until price action tells me otherwise. I am also using the HMA89, paying particular attention to it on the 4H and daily charts. 4H is bearish for a couple of days now and daily is about to change south (red).
Plus, today's claimant count and unemployment rate numbers just confirm the view that previous rate hikes are clearly starting to put pressure on inflation and we will see a weaker second half of 2023.
I will open a small short position and add to it as long as price keeps doing lower highs and lower lows. This will be a phased trade of riding the trend down until price action tells me otherwise. I am also using the HMA89, paying particular attention to it on the 4H and daily charts. 4H is bearish for a couple of days now and daily is about to change south (red).
