USD JPY - Market structure imbalances await us
Monthly
- Three month chart - this assists here with
Weekly
Weekly/QTR Chart
- Fibonacci Extension
Three Day chart
Daily chart
A Bearish chart option - where price can break the pivot.
Adding
- Price has established a zone of interest, where price has reached the 1998 Departure level.
- Yet to test the completed supply of 1987 Supply zone as marked on the chart.
- The 152 level was tapped which looking at the QTR chart which highlights this easier on the chart. This supply zone is a fresh touch - showing a strong level as the sell imbalance has reacted upon the Daily, weekly chart.
- This fresh supply to many was not a level for-seen for many traders, however the technical correction now is a strong pivot position as marked.
As the sequence has not completed (overall long) price is using this sell opportunity to now look for new zones for purchasing (especially on the weekly and monthly).
- Three month chart - this assists here with
Weekly
- Price has established a technical zone from a fresh supply in place from 152-146. Although the opportunity here is a 600pip zone. Short sellers will have taken over in the smaller time zones. Again reference to the three month chart against the weekly below - Weekly/QTR chart.
- The weekly distal has been established - with the 152.00 being the stop loss or slightly above for sells. The left chart - weekly shows the key retest of the QTR zone and successfully rejects this level.
- Looking for buys on the chart offers two zones - 1. The PCP or FL demand ranging between 135-130.5 (est). Now having this zone in place - imbalance traders will need to follow the rules of a break of curve - clear rejection upon a reactive wick or await an engulfing move in favour of a squeeze or (descending triangle), consolidation and or a pattern interchangeable of both.
The second zone of interest here offers the combo box of the monthly and weekly zones - pointed out with the 'Green' eclipse and the monthly zone. For a market structural cycle - price can net out here (revert to chart - with the Fibonacci extension which points towards the imbalance alignment.
Weekly/QTR Chart
- Fibonacci Extension
Three Day chart
- We have a strong potential respected curve at present - where price will look to pivot towards 143.5 as a short term high - this would result in an netting process for the structure left - where price action is showing activity.
- At present price is looking left towards July 2022 - with a strong Base formation using a Drop Base Drop scenario within the supply cycle.
Daily chart
- The daily shows the price is now shifting from the pivot point from 137.5 (est) - creating now a bullish reaction towards the range top of 142.** this will be the prime range of establishing a bull and sell position within a range formation.
The down trend is still prominent with down and right on the overall short term basis from the from chart with the daily supply zones added with a price looking to pivot towards 141.3X area which is the next zone of interest from the view of a lower high formation.
A Bearish chart option - where price can break the pivot.
Adding
