Weekly chart:
In the big picture, this currency pair is still in a mature trend stage and has dived deep into the correction. The end of the correction is located at 115.585 JPY. As long as the price does not fall short of this marker, the trend can still proceed onwards. But soon, the price should slowly start to turn around in order to actually keep this chance.
Daily chart:
Unfortunately there is still no valid trend in this trend size, meaning that there is still no serious possibility of making a trade here. However, the short-term chances are rather on the lower side.
Hourly chart:
On the other hand, in this trend size, we can see an uptrend that is still young. After the last high at 118.556 JPY, this uptrend corrected deep into its correction zone, namely precisely to the last point three. There, it seems that several buyers entered the market and induced a long trade. With a close stop beneath the green correction zone, one could enter a long trade here. However, one should take into account that the higher trend offers no support at all.
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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