USDJPY Double Bottom|Bullish Divergence|Range High|Price Action
Evening Traders,
Today’s analysis – USDJPY- establishing a probable double bottom with range high target.
Points to consider,
- Trend double bottom structure
- Range low support (Double Bottom)
- Range high (Resistance)
- Oscillators Divergence
- Oversold Conditions
USDJPY’s immediate price action is bullish establishing a double bottom formation, a typical reversal structure. This allows us to have a bullish bias on the market.
Range his is the immediate target, a respect of this level will establish a bearish retest.
Both oscillators are showing bullish divergences at current oversold conditions, price is likely to lead an oversold bounce.
Overall in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon management/ discretion.
Hope this analysis helps
Thank you for following my work!
And remember,
“Hope is bogus emotion that only costs you money.” – Jim Cramer
Today’s analysis – USDJPY- establishing a probable double bottom with range high target.
Points to consider,
- Trend double bottom structure
- Range low support (Double Bottom)
- Range high (Resistance)
- Oscillators Divergence
- Oversold Conditions
USDJPY’s immediate price action is bullish establishing a double bottom formation, a typical reversal structure. This allows us to have a bullish bias on the market.
Range his is the immediate target, a respect of this level will establish a bearish retest.
Both oscillators are showing bullish divergences at current oversold conditions, price is likely to lead an oversold bounce.
Overall in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon management/ discretion.
Hope this analysis helps
Thank you for following my work!
And remember,
“Hope is bogus emotion that only costs you money.” – Jim Cramer