The Bulls with the blessing of the BOJ rammed through 168 and reached a high of 169.50 today. What’s next from here?
As the market fully digests the news, the blow off stage will come and we may see a quick corrective leg back to 168.00.
Apr 282023
Trader H
Apr 282023
All eyes on BOJ today as they announce their policy rate decision. Nothing much to expect since they often times maintain the loose monetary policies.
Bias today is to go long but the question remains, when and where? Ideal point of entry is a reversal signal near yesterday’s low of 166.50 or even lower.
Apr 272023
Bears left a mark at 167.00 yesterday and bulls remain weak to go beyond this level. Price has pulled back to 166.40 and we’re now waiting for US data at 830pm (GMT+8).
Bulls need to break 167 upwards to keep bears from gaining momentum.
Apr 252023
Bears are alive with a significant sell off from 168 to break 167. US Consumer Confidence will be out this 10pm (GMT+8) and we’re looking forward to where bulls will pick up the pieces.
166.70 is 50% retracement of the recent bullish leg
166.55 is previous day’s low
166.40 is 61.8% retracement of the recent bullish leg
165.50 is the support of current range.
Apr 242023
Bulls bounced back since the start of London session. Currently price has seem to compress. Counter-trend traders would look for a signal to short soon. Bulls shouldn’t be buying at all at this level.
Apr 242023
Bears pounded strong last Friday but bulls eventually pushed price back close to open.
In today’s Asian session, price seesawed with bulls still trying to push price beyond previous day’s high.
Bias is to short,, ideal above previous day’s high. As of press time, we are seeing bears pushing down from 167.40. A bearish signal is yet to form.