Japanese Yen; recent price action in agreement and technical Foundations
Japan intervened in the Forex market Wednesday for the first time in six years, they did by buying dollars to weaken the surging yen that is harming the Japanese producers like Toyota and Sony after the yen spiked a 15-year high.
Take a look at the recent price action in the GBPJPY we can see a fakey/pin bar combination installation that formed the Tuesday. This price action configuration has shown the refusal of support near 128.00 and also a false break of 3 inside bars that preceded it.
Most traders would not have taken this installation simply because it was contrary to recent downward momentum.However, the installation was installing counter-strike trend valid simply because she is trained in a significant level of support.The basics out of Japan Wednesday off a whopping 500 + pip up that fact trader who took this configuration of some serious seeds price action.
This is a clear case of technicians the overturning a strong movement to traders on the basis of fundamental data shall say that technicians always predict the fundamentals?Not exactly, but this is a clear demonstration of why it is useless to try and analyze all the key factors when you can simply look at a chart of the price and instead of reading the price action.
GBPJPY:
EURJPY:
The recent price action EURJPY also traders gave a good opportunity to take advantage of the movement in prices aggressive today. we can see an installation who formed internal bar just above the support near 106.00, price comes then slightly higher in the coming days and then yesterday it was formed a candle bar pin bullish just before huge bullish today fundamental data outside of Japan.
Read more on price action trading and price action as commercial success in the Forex market configurations check out my forex trading course.
Brak komentarzy:
Prześlij komentarz