USD/JPY IDEAS LONG AND SHORT 24 JUNE 2020
It ain't the best diagram but it's a general idea of both scenarios of long and short.
LONG DESCRIPTION -
As you can tell the market is retesting the resistance continuing a build up of something big happening.
While following the A B C D pattern it looks as though it could break out of the descending triangle and retest the next resistance as shown in the diagram.
This is also looks like a W pattern forming which is the most likely case scenario.
SHORT DESCRIPTION -
As per above I mentioned how their was a strong resistance which it had struggled to breakthrough in the past.
This could be an indication that it might not have the buying pressure to breakthrough.
With the additional indication of the downward trend it's possible for the market to drop profoundly to it's next angular support.
YOUR THOUGHTS
I would love to hear your thoughts and ideas on this graph.
And feel free to mention what you think will happen.
LONG DESCRIPTION -
As you can tell the market is retesting the resistance continuing a build up of something big happening.
While following the A B C D pattern it looks as though it could break out of the descending triangle and retest the next resistance as shown in the diagram.
This is also looks like a W pattern forming which is the most likely case scenario.
SHORT DESCRIPTION -
As per above I mentioned how their was a strong resistance which it had struggled to breakthrough in the past.
This could be an indication that it might not have the buying pressure to breakthrough.
With the additional indication of the downward trend it's possible for the market to drop profoundly to it's next angular support.
YOUR THOUGHTS
I would love to hear your thoughts and ideas on this graph.
And feel free to mention what you think will happen.
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