I've been talking about the ascending channel formation of UJ. In today's trading session, I will remain neutral bias to observe whether or not the upwards breakout of the channel is 'real'. Two scenarios that I'm looking at
1. If UJ breaks and hold above the top band of the Ascending channel, that could send UJ towards 107.000 resistance zone. The best way you can trade it is to trail your stops using the short-term EMAs such as 6 & 18ema (Bullish)
2. Be very cautious that the upwards violation of the channel could be a probe, if we notice sudden bearish pressure pushing UJ back within the channel formation, that could send It back to the bottom band (Bearish)
The overall trend on the higher timeframe remains bullish. Stay reactive.
Trade safe.
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1. If UJ breaks and hold above the top band of the Ascending channel, that could send UJ towards 107.000 resistance zone. The best way you can trade it is to trail your stops using the short-term EMAs such as 6 & 18ema (Bullish)
2. Be very cautious that the upwards violation of the channel could be a probe, if we notice sudden bearish pressure pushing UJ back within the channel formation, that could send It back to the bottom band (Bearish)
The overall trend on the higher timeframe remains bullish. Stay reactive.
Trade safe.
Do follow my profile for daily fx forecast & educational content.