Weary of the Trump policy, selling on rallies as the dollar revaluates
Dollar/Yen 4-hour chart
It’s within a downtrend channel, with occasions of overshooting downward and then returning
GMMA is also trending downward
As expected, it is highly likely to be pressured by the black 20 MA
1-hour chart
From a brief short-term rise followed by a drop, it may look like Elliott wave
The first down wave is large
Is this now the third wave?
From here is the crossroads
The orange line of yesterday’s pivot line S1 is on my mind
Will it be broken upward to rise, or will it rebound?
15-minute chart
The earlier orange line is close to today’s pivot at 149.158
I feel a wall here
If this is broken, and the red downward trend line is broken,
we might aim for the 150 yen level
What happens is whether it breaks below 148 yen
The orange pivot line S1 and the blue low are close
Will it stop here?
If it breaks
Target the current pivot line S2 at 157.364
Right now, the pivot line is the area of interest
Yesterday’s review
As expected, it broke the blue line recently and rebounded after reaching the line above
After breaking the lower blue line, it returned to the green midpoint line
A large drop to the lower red line
Then a rebound
We can see that the battle between buyers and sellers around the line continues and the line is being watched
What about today?
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