Weekly chart:
The big picture created a new top at JPY 139.118, and has been in a correction since then. The price is near the upper range of the green correction zone and if a few reversal signals occur there, we can consider a new long trade. However, this trend size is more for investors.
Daily chart:
If you want to trade in the daily chart, you have a very good chance for a short trade. As we can see, the small trend is showing us a downtrend with a correction zone between JPY 110.79 and JPY 112.57 on the upper side. The current price is very close to the last point three (JPY 112.57), and as long as the price remains in the red zone, the trend has the ability to continue. Should we receive a close above the point three, then we have missed our chance.
Hourly chart:
In this trend size we see a slightly unhinged situation. The medium size is showing a young downtrend where the price is deep into the red correction zone. Included in this trend, we see an uptrend with a purely corrective character. Situations like these are very dangerous because we cannot know which trend size will be stronger. In this case we must wait for a clearer situation.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Trader asset management
BORN STAHLBERG & Partner
office@gabel-trading.com
AgenaTrader Trading Software
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