I posted several Short trade plans last week, mainly due to the bearish Stochastic Divergence on the Daily chart.

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Initially, I thought the price would drop down to 55EMA, or even down to MPP.   But it didn’t stop there, but still tanking as of now.    I would say the price adjustments based on the Divergence is now over.   Thus I should start looking for the Long opportunity with this pair.

Looking at the Daily Ichimoku chart (below) also suggest the possibility to bounce from the Clouds.

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Another reason for me to expect the price bounce up is… USDJPY chart.   Below is USDJPY Daily chart.  The price is coming down to the hardcore support level, and I am thinking the possible bounce from this level.

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However, looking at the price actions in Asian hours so far, it has been dropping like crazy, showing no sign of reversal.   I cannot predict how far the price will go down.  But here are the zones that I would look for the Long trades.

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I will check the price action of Hourly & M15 from the current price down to 189.50 – 188.80 (BUY ZONE 1 – Support & Fib 61.8%) for the reversal price action.  If the price keeps dropping, then the next BUY ZONE is the Double Bottom area (185.00 area).

In these 2 BUY ZONES, I will look for the price action, and try to Long.

As usual, please check the price action, before entering the trades.

This Long trades should be rather, Long-term Swing trades as my long-term bias is Bull.

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

 

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