FX today's trading strategy 8/24

〇EURUSD Euro/US Dollar

・Yesterday's Trade

Yesterday it traded in a range around 0.9950, then broke below the previous day’s low, but remained cautious near the monthly low, so we’re watching for now.

・Market Environment and Today’s Strategy

There was a rising move after last night’s data release.

However, looking at the daily chart, the move isn’t that strong.

Whether a trend reversal occurs here, or if it heads further down, is the question.

It’s hard to enter until a clear W-bottom is formed.

〇USDJPY Dollar/Yen

・Yesterday's Trade

Yesterday it formed a top at 137.50 and then dropped sharply on the data release.

No opportunity to trade due to timing.

・Market Environment and Today’s Strategy

How to view yesterday’s significant drop will be the key.

We should consider the possibility that 136.0 could become a neckline if it rebounds.

If 136.0 is the neckline, pay attention to whether it makes another peak.

If it’s supported, we’d like to consider going long, though it may be difficult without enough distance to the top.

If a second top forms around 137.0–137.50, consider a short.