ALERT: Correction To 195 Imminent??
The guppy has been steadily rising for the past 18 trading days after a significant drop due to likely BOJ intervention. So, what’s next?
In my opinion, this pair is highly overbought across all time frames. A correction seems imminent. If you look at the daily chart, the steep and prolonged uptrend suggests a significant drop is likely.
The 4-hour chart provides an even clearer picture of this steady climb. In trading, such prolonged upward movements often precede a drop.
Today, I entered a position at 200.60. My first target is a move down towards 195, with the potential for a deeper correction to 193 or lower.
Long-term, this pair is very bullish. The 190 to 193 area could be a good entry point for long-term buyers, aiming for a move towards the monthly SELL/SUPPLY zone starting at 211.
However, if the price breaks below 190, it could trigger a larger sell-off as large traders take profits.
For now, a short-term sell seems appropriate given the current extreme overbought conditions.
Let me know your thoughts in the comment section below
In my opinion, this pair is highly overbought across all time frames. A correction seems imminent. If you look at the daily chart, the steep and prolonged uptrend suggests a significant drop is likely.
The 4-hour chart provides an even clearer picture of this steady climb. In trading, such prolonged upward movements often precede a drop.
Today, I entered a position at 200.60. My first target is a move down towards 195, with the potential for a deeper correction to 193 or lower.
Long-term, this pair is very bullish. The 190 to 193 area could be a good entry point for long-term buyers, aiming for a move towards the monthly SELL/SUPPLY zone starting at 211.
However, if the price breaks below 190, it could trigger a larger sell-off as large traders take profits.
For now, a short-term sell seems appropriate given the current extreme overbought conditions.
Let me know your thoughts in the comment section below
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Get Your FREE Copy of The Trader's Edge – Mental Strategies for Market Success! -thetradingedge.net/the-traders-edge
Join Telegram group -t.me/+T7V_JSiKKsliMTJl
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Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.