Navigating the Market : USDJPY 23 September 2019
I am bullish bias for this pair. My sentiment/fundamental analysis rationale to be bullish is the hawkish Fed's rate cut and the easing safe haven flow based on the US-China trade war and the potential "Oil War" provoked by Houthi's strike at Saudi two big oilfields.
My technical rational to be bullish is what I read from the daily chart (I am not sharing how I deduced the daily chart for now)
Last week's range was 96 pips whilst the 20-week Average Weekly Range (20-day AWR) was 147 pips. I am anticipating a price expansion (weekly range wise) this coming week to the upside.
This week's 20-week Average Weekly Range is 146 pips. As I am bullish for this pair, naturally I am looking for the low of the week as late as Wednesday but it could happen as early as Monday Asian session. My guesstimate of this upcoming week's low around 107.350 - 107.500. There are reported sell stops at 107.250 and some huge option expiries in this price as well.
If price enters the liquidity pool 107.350-107.250, that will activate my bullish bias and I will wait for the bullish trigger.
Monday is a bank holiday in Japan and no risk event for U.S
My technical rational to be bullish is what I read from the daily chart (I am not sharing how I deduced the daily chart for now)
Last week's range was 96 pips whilst the 20-week Average Weekly Range (20-day AWR) was 147 pips. I am anticipating a price expansion (weekly range wise) this coming week to the upside.
This week's 20-week Average Weekly Range is 146 pips. As I am bullish for this pair, naturally I am looking for the low of the week as late as Wednesday but it could happen as early as Monday Asian session. My guesstimate of this upcoming week's low around 107.350 - 107.500. There are reported sell stops at 107.250 and some huge option expiries in this price as well.
If price enters the liquidity pool 107.350-107.250, that will activate my bullish bias and I will wait for the bullish trigger.
Monday is a bank holiday in Japan and no risk event for U.S
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.