Estimated pips are the pips that would have been gained by trading ideally along the published scenario.
| Currency pair | Total pips | Posts | Average pips |
|---|---|---|---|
| GBP/JPY | +650.0 PIPS | 14 | 46.4 PIPS |
| USD/JPY | +500.0 PIPS | 14 | 35.7 PIPS |
| Total | +1,150.0 PIPS | ||
Selling for now. As long as price doesn't break above Line A, I'm thinking sell.That said, I feel the chances of a break to the upside are increasing.
It's still a range, but it feels like the flow may have turned to the buy side.I'm looking for longs with two scenarios in mind: either it rises a bit more from here and then forms a pullback, or it forms a pullback within the range first and then rises.
The flow is to the downside, but there's a key level below acting as support, so the market is undecided.The price zone is also right in the middle of the range, so if you trade, it's safer to wait until price reaches the edge of the range.
I'm keeping the bearish bias from yesterday, but the market is trickier than it was yesterday.Looking at it as a large range, it seems best to keep Line A through Line C in mind, but once price gets near Line A, it's likely tracing an upward wave in the short term, so caution is needed.
I'd like to be selling, but for now my bias is to buy.The current price zone acts as resistance, so momentum might fade around here.If the buying breaks down, I want to look for a short.
For now I have a bearish bias. Price has been turning up (making higher lows) in the short term, so I'd like to look for the point where that move stalls and it starts turning down (making lower highs).The price zone is also a good spot to aim for a short, but I need to be careful: the 4-hour chart (H4) rally since this morning has been strong, and on the daily chart, if price rises from around here, it starts to look like a higher-low double bottom.
For now I have a bullish bias, but my impression is that price has reached its target for the time being.If it breaks below the range, selling could accelerate.I want to go in keeping in mind that this is that kind of spot.
I had a bullish bias until price broke below the green line near B, but now I lean more toward selling.I see the market losing momentum at the range high and moving lower.Looking at the daily chart, I have a feeling it won't drop cleanly, in which case it'll just end up ranging.
If price holds around this price zone and reverses, I'd like to buy.However, in the short term, it's not a situation where I can buy right away.
The flow is to the downside, but the 4-hour chart (H4) is in an ambiguous spot, so this isn't a situation to start selling right away.I think it's fine to wait for a retracement before getting in.
