USDJPY Daily outlook for 5th December 2013
Daily Chart - Bullish trend – however bearish engulfing candle to take note – bearish possibility!
- Market is in a bullish trend however the steep trend line is breaking and with few factors
- Bearish engulfing candle
Hourly Chart – Start of a bearish trend
- Seems to have found support last night at the 23.6% (oct 27 low to high) / S1 Daily pivot
- Currently showing rejection on the 61.8% retrace / Daily pivot area / Daily Trendline
Outlook Trade opportunity–
Asian session – Short at daily pivot / 30min ichikumo clouds
If market goes up to test yesterdays Daily pivot / hourly ichikumo clouds and see clear rejection from there , very good short opportunity and potentially break the support of 102 level
Risk Level – Low to Medium
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