USD has been weak and JPY has been gaining for the past few days and has now made a lower low but now we are at the weekly profit target for bears (WM1-WS2) where we could see bears take profit and this could move price up and give bulls an opportunity to enter a counter trend trade back up to WPP. If we start seeing price move up it could mean that bears are getting out and will probably look to sell at a later stage once price has moved back up. They will be looking to sell around 110.8270 which is also a role reversal.
On the chart we can see that price is not making any lower lows and just ranging. A bull that wants to take the counter trend trade will be waiting for a higher high and then entering on the pullback with a profit target of WPP (110.8270)
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Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.