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USDJPY report for swing/day trades #9

USDJPY caught between many support resistance but I see bullish cup and handle pattern

Analysis for swing traders

Colonel Kink did a USDJPY report on 07 June 2018 that was carefully bullish. More important the report painted shadows based on weekly turning point drawn on ColonelKinkSAR™ method. These levels were left in place inside Tradingview. Open today’s report with the same levels reveal that USDJPY has been bouncing off these levels.

USDJPY weekly chart 01 by Colonel Kink Forex Reporter

“Then” USDJPY weekly chart 01 by Colonel Kink Forex Reporter

This is why the pair is stuck. See chart above for chart used on 07 June 2018. Too many traders focus on the purple down channel with a view to keep shorting. The right thing to do is to focus on the current momentum which the zigzag reveal is down-up-down which means next leg is up.

USDJPY chart 09 by Colonel Kink Forex Reporter

“Now” USDJPY chart 09 by Colonel Kink Forex Reporter | Source: Tradingview

However line zigzag is printing a cup and handle . My previous analysis was bullish now I am still bullish.

Analysis for day traders

Space is very tight now with 1-2 day range between 2 shadows. If insist to trade follow short term indicators.

 

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Forex observations using the ColonelKinkSAR™ Method. Follow me on https://www.tradingview.com/u/colonelkink/.

I have no license to analyse/provide recommendation anywhere on Earth. I am a stranger. Bear your own consequence if you choose to listen to a stranger.

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