There is a likelihood of a decline moving into Mon. 20th with the opposite trend thereafter into Wed. 22nd. Consequently, this market has bounced from that low established on Tuesday February 7th for 6 days creating a reaction high at 11496 on Wednesday February 15th failing to exceed the previous high. We elected the one Daily Bullish Reversal which stood at 11396 from that low. We need to focus on overhead resistance at 11517 on a closing basis. A closing above this number will imply a further rally briefly. Failure to achieve such a closing warns of a retest of support. From the reaction high at 11496 We have elected a Bearish Reversal at 11510 as well as one more from that high warning of inherent weakness forming. We currently look at the Daily Bearish Reversal from the reaction high, which rests at 11173. A closing beneath this level will warn of a retest of the last low. Therefore, the immediate trading range is 11517 to 11173. A closing above this range will signal a retest of the former high whereas a closing below will signal a break to the downside.
Lawrence-Sherif
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@fatboy007,
The next week have à LOT Of surprises
I've written that on twitter
The Legend will come back again "JPY"
Let's see how it goes
Let's see the price action at the market opening and we'll not stick on our vision
We do not fighting the market
The market move and we're so flexible to him
Wait for new idea after seeing what's gonna happen
And I'm actually appreciate your comment it gives me more information,thanks.
fatboy007
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@lawregy, We elected the one Daily Bullish Reversal which stood at 11396 from that low. We need to focus on overhead resistance at 11517 on a closing basis. A closing above this number will imply a further rally briefly. Failure to achieve such a closing warns of a retest of support. From the reaction high at 11496 We have elected a Bearish Reversal at 11510 as well as one more from that high warning of inherent weakness forming. We currently look at the Daily Bearish Reversal from the reaction high, which rests at 11173. A closing beneath this level will warn of a retest of the last low. Therefore, the immediate trading range is 11517 to 11173. A closing above this range will signal a retest of the former high whereas a closing below will signal a break to the downside.