FX Today's Trading Strategy 11/16

EURUSD Euro Dollar

・Yesterday's Trade

Yesterday, it broke above last week's high of 1.0364, but there was resistance above it including August's high, so I held off.

As a result, it formed a large upper wick at 1.0450 and then declined.

・Market Environment and Today's Strategy

There is a possibility that the move to 1.0450 yesterday was a fake.

Currently, it is below the psychologically important last week's high of 1.0364, but will this level become resistance?

I want to watch price action near last week's high.

However, the H4MA is approaching from below, which could provide support.

USDJPY Dollar-Yen

・Yesterday's Trade

Yesterday, as per the morning scenario, 140.50 acted as a pivot, and I shorted when a descending W-top formed.

It held around 139.0 and I exited. Approximately +87 pips profit.

・Market Environment and Today's Strategy

There is a weekly low at 138.50, and it is currently showing a strong rebound at this level.

I want to be mindful of how many traders will interpret this fact.

The level that may attract attention today is around the weekly low near 138.50.

However, the H4MA is approaching, so going long from a high level may carry high risk.