Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the USDJPY, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis: In HTF, after a long uptrend inside a wedge, the market finally broke the structure to the downside, starting its bearish impulsive phase. At that time, we were waiting for a LTF correction, to proceed the downward movement, and that’s exactly what the market performed. However, in LTF, the market looks evolving the structure and it may be not ready yet to the complete its second impulsive phase. As you can see on the chart, the retracement is started and we can’t predict where and/or when is gonna finish.
When, where and why would we step into the market? The overall bias looks still very bearish, and we will be looking for a short position if the market will form further continuation or potentially retest the swing high for a bigger structure, trying to enter the market during the reversal formation if confirmations will be formed.
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DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose.[/I]