USD/JPY 💱 Moving in the Path of Least Resistance

UsdJpy heading into Q4 23' . Interesting time because the USD may be over-extended but is it? What is the call for Q4 here Kingpin USD. Little weary to Sell UJ just because it is nearing the highs of structure.. Very likely we could continue highertimeframe momentum because wicks get filled in momentum. Taking a moment to look to the left, we may observe 152 is a range that we can go fill as the market moves to the upside with momentum. The Monthly timeframe is pushing up into the close of the Yearly candle. Next target that may occur for Q1 2024 is 155. What're your thoughts about medium term UsdJpy?

Commentaire:

Commentaire:

Despite Large retail Short Imbalances, UJ has charged to the upside this week and used 148.75 (previous resistance level) as a support level to facilitate another opportunity to the upside. Our next level's of interest include 150.576 weekly resistance level and 151.97 Extreme Key Level

Commentaire:

Scenario 2 playing out for UJ in which we hit the extreme key level and are observing a selloff

Commentaire:

For Position trading Longs, still 146 looks good