#USDJPY:
(1D):
As expected, the downtrend continued to the downside, finally breaking the descending triangle after ranging in it since June. What we need now is a retest of it.
Fundamentally, the sell off is to be addressed to Biden winning, which means more fiscal stimulus for the US and a freer approach to trade. This results in a weaker domestic currency.
(4H):
Having our bearish bias determined, we can now look for a trade. In this case, we can see a clear range on the triangle bottom, which was broken with a strong push to the downside.
What we need now, is a pullback to retest the range and a strong rejection of its level.
(1D):
As expected, the downtrend continued to the downside, finally breaking the descending triangle after ranging in it since June. What we need now is a retest of it.
Fundamentally, the sell off is to be addressed to Biden winning, which means more fiscal stimulus for the US and a freer approach to trade. This results in a weaker domestic currency.
(4H):
Having our bearish bias determined, we can now look for a trade. In this case, we can see a clear range on the triangle bottom, which was broken with a strong push to the downside.
What we need now, is a pullback to retest the range and a strong rejection of its level.