Weekly chart:
In the big picture, this currency pair is in a mature trend and in the trend itself, it is within a correction. Since a continuation of the trend is always more probable than a break in the trend, here, the chances are more likely to be found on the upper side.
Daily chart:
In this trend size, the situation is not clear, since there is no valid trend yet. After the interruption of the trend at 120.42 JPY, no new trend has been able to form yet. If one wishes to trade in the direction of the big picture, then it is necessary to wait until a new long trend has formed in this trend size too.
Hourly chart:
Contrary to the daily chart, we can see a nice, young long trend in the hourly chart. The price corrected almost into the last correction zone and is now once more on its way to the last point two at 121.26 JPY. With a stop loss below the green correction zone, one could speculate on a continuation of the trend.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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