1st day of trading, per USDJPY 15 mn chart, I expect to be bearish. This will be a continuation of major trend and a break of noted FLAG pattern on chart. 1st Support area noted in around 100.900 then 2nd Support area is 100.700.
RSI indicator on bottom of chart is below 50. EMA 20 (purple) has broken PRICE ACTION. Continue to watch when EMA 50 (black) and EMA 200 (purple) lines are broken by PA. Note elliot impulse wave (12345) up was finished by two large candlesticks (green and red) at 101.164 area, price action when downward. I believe rest of Sept will be bearish with USDJPY pair. *For money management: Trade Reversal patterns (harmai, engulfing or pinbar)
Note: On chart is TARGET area, which I expect price action to fluctuate in the 1st day of trading. Wish everyone the best. Patience in trading & waiting for quality set ups to trade is key to success. Elliot impulse wave (12345) in my opinion has started, with the 0-1 wave down almost completed, then do 1-2 bullish wave/retracement up.
RSI indicator on bottom of chart is below 50. EMA 20 (purple) has broken PRICE ACTION. Continue to watch when EMA 50 (black) and EMA 200 (purple) lines are broken by PA. Note elliot impulse wave (12345) up was finished by two large candlesticks (green and red) at 101.164 area, price action when downward. I believe rest of Sept will be bearish with USDJPY pair. *For money management: Trade Reversal patterns (harmai, engulfing or pinbar)
Note: On chart is TARGET area, which I expect price action to fluctuate in the 1st day of trading. Wish everyone the best. Patience in trading & waiting for quality set ups to trade is key to success. Elliot impulse wave (12345) in my opinion has started, with the 0-1 wave down almost completed, then do 1-2 bullish wave/retracement up.