Price wilted toward the end of last week and things are not so clear. End of quarter/ monthly flows played a part in the revival as posted ahead of time on this site. This week will be crucial, and both the Dollar in its current flux and Yen have the opportunity to be ‘king maker’ in this pairing .
We started the week with a bullish bias. The daily chart gave an inkling of intent that the downside could see some respite. A bullish outside Candle hinted that a fight back was probable after a series of weaker prints.
The chart reposted below – Posted on the live news feed last week.
This led myself and a few of the guys here to trade long. It certainly changed my outlook from a fence sitter to a dip buyer from last Monday. A few decent trades were had, yet I’m not convinced it’s going to be plain sailing into next week.
I have no more of an idea than the next person as to where we go from here. .I will post my chart below marking my parameters.
I always attempt to keep my thinking simple when faced with a situation like this. If price stays in the zone ( grey area on chart ) above 105.90, I am a dip buyer. — Price goes below, and I am not automatically a seller . More of a watcher until one side of this particular coin / pair shows its hand once again as it did so tellingly last week .
As always, I wish all our friends here the best of times for the new trading week .
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