This week, the current position of USDJPY appears favorable, positioned near two promising Points of Interest (POIs). We are inclined towards buying opportunities as the price has recently responded to a supply zone, and we anticipate a slowdown and accumulation.
Upon the completion of Wyckoff accumulation within our designated zone, we will seek buy positions for a short-term trade, aiming to reach the nearest significant supply. This counter-trend trade will serve as a retracement, acknowledging the temporary bearish trend.
Confluences for USDJPY Longs are as follows:
- To sustain its bearish trend, the price must respond to a demand level, prompting a retracement.
- The price is nearing a crucial demand level on the 13-hour chart that has broken the structure to the upside.
- There are remaining equal highs and imbalances above, which needs to get mitigated.
The Dollar Index (DXY) is poised for an upward retracement, aligning with this bias.
- The overall market trend on higher time frames, such as the monthly chart, remains generally bullish.
- Price has taken some significant liquidity like asian lows so price might be due for a correction.
P.S. Upon the price reaching our 4-hour supply zone, we will patiently await a form of redistribution to align ourselves with the bearish trend. Currently, our focus is on the anticipation of a slowdown and pullback, which we expect to occur in response to the 13-hour demand.
Upon the completion of Wyckoff accumulation within our designated zone, we will seek buy positions for a short-term trade, aiming to reach the nearest significant supply. This counter-trend trade will serve as a retracement, acknowledging the temporary bearish trend.
Confluences for USDJPY Longs are as follows:
- To sustain its bearish trend, the price must respond to a demand level, prompting a retracement.
- The price is nearing a crucial demand level on the 13-hour chart that has broken the structure to the upside.
- There are remaining equal highs and imbalances above, which needs to get mitigated.
The Dollar Index (DXY) is poised for an upward retracement, aligning with this bias.
- The overall market trend on higher time frames, such as the monthly chart, remains generally bullish.
- Price has taken some significant liquidity like asian lows so price might be due for a correction.
P.S. Upon the price reaching our 4-hour supply zone, we will patiently await a form of redistribution to align ourselves with the bearish trend. Currently, our focus is on the anticipation of a slowdown and pullback, which we expect to occur in response to the 13-hour demand.
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