1HR USDJPY bullish
Bullish bias
1. Moving averages are showing price in bullish bias
2. price has continued to create new HLs breaking out of the 1 HR support and 1 HR resistance.
3. price is getting close to reach bearish OB from their 1st RS/LH from July 21st.
when it does, price may go bearish to retest the 1 HR resistance or lower before
returning bullish. there are two bearish OB areas between the 1 HR resistance and 1 HR support.
4.higher time frames also indicate bullish bias.
5. with strong bullish bias, I’d like to see if there would be a minimal retest or if they would do a drop/retest where the fib levels area/circle was drawn before returning bullish.
When it does, it will be a large drop before returning bullish.
However with the high time frames are showing bullish, I’d go with a small retest at 1 HR resistance zone before returning bullish.
1. Moving averages are showing price in bullish bias
2. price has continued to create new HLs breaking out of the 1 HR support and 1 HR resistance.
3. price is getting close to reach bearish OB from their 1st RS/LH from July 21st.
when it does, price may go bearish to retest the 1 HR resistance or lower before
returning bullish. there are two bearish OB areas between the 1 HR resistance and 1 HR support.
4.higher time frames also indicate bullish bias.
5. with strong bullish bias, I’d like to see if there would be a minimal retest or if they would do a drop/retest where the fib levels area/circle was drawn before returning bullish.
When it does, it will be a large drop before returning bullish.
However with the high time frames are showing bullish, I’d go with a small retest at 1 HR resistance zone before returning bullish.
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