USDJPY Daily Outlook for 10th December 2013 (Tuesday)
Daily Chart
"Divergence?"
Yesterday we see it test last weekly high around 103.300 however price seems to be consolidating in that area. Until it has a clear break above that area, We still see a reversal in the short term before continuation to the upside
- Daily chart looks strong just purely on price action attracting bulls back, however we are short term bears
- Divergence is spotted
Hourly Chart
"Do i see another divergence?,
The hourly chart has shown it broke yesterdays resistance which now has became support at the 103.165 level, our next resistance is now the 103.330 level / previous week high. At the time of writing there are price action indicator exhaustion at that area.
- Divergence also spotted (not drawn)
- 4hr charts divergence spotted
- Our bias is still bear in the shortterm
- Price has falling out of our trendline drawn from early Friday
Outlook Trade opportunity
Our Monday recommendations there were two short possibilities, the second one got filled and made profit during asian session, and there was another one which was a short from last weekly high which got filled during late london session, this is still in playSo today it will be the same recommendation from yesterday where we wil go short from the weekly high at around 103.30-32 first Target will be yesterdays resistance which now is support at 103.165, and you could trail your rest of your profit to the 101-102 handle
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