3/27 USD/JPY: Buy when it dips and hold until longer-term liquidation?
Good morning
There was a strong rebound from yesterday's drop in USD/JPY, wasn't there
climbed up to the daily pivot R1
Today, the end-of-period rebalancing is particularly anticipated
real demand for dollars
By anomaly, the dollar is bought through March
From April, there is a tendency to be sold
It's the market, so we don't know what will happen
It's something everyone knows
So wouldn't there be buying of USD/JPY in anticipation of that?
Longs were placed at the points pushed to aim for that
It might be okay to hold until the London fix in the evening
GMMA is indicating an uptrend
The orange line above is the weekly pivot R2
Above that is R3
The red support/resistance line overlies the weekly pivot R1
If it reaches here, I will look for longs
An image of today’s move
The green line is the recent half retracement of the rise
If it breaks here, the formation of a double top suggests a higher likelihood of a decline
If it rises, it will need to break through the blue range
Let me take a slightly higher-level view
As with yesterday's sharp drop, the highs are being pushed lower
but the lows are not being pushed lower
Within an ascending channel, it has broken slightly downward, but may come back up?
However, if the lows start to push lower, there is a risk of a sharp drop
Longs, beware
There was a strong rebound from yesterday's drop in USD/JPY, wasn't there
climbed up to the daily pivot R1
Today, the end-of-period rebalancing is particularly anticipated
real demand for dollars
By anomaly, the dollar is bought through March
From April, there is a tendency to be sold
It's the market, so we don't know what will happen
It's something everyone knows
So wouldn't there be buying of USD/JPY in anticipation of that?
Longs were placed at the points pushed to aim for that
It might be okay to hold until the London fix in the evening
Chart Analysis
USD/JPY 4-hour chart
GMMA is indicating an uptrend
The orange line above is the weekly pivot R2
Above that is R3
The red support/resistance line overlies the weekly pivot R1
If it reaches here, I will look for longs
1-hour chart
An image of today’s move
The green line is the recent half retracement of the rise
If it breaks here, the formation of a double top suggests a higher likelihood of a decline
15-minute chart
If it rises, it will need to break through the blue range
Let me take a slightly higher-level view
As with yesterday's sharp drop, the highs are being pushed lower
but the lows are not being pushed lower
Within an ascending channel, it has broken slightly downward, but may come back up?
However, if the lows start to push lower, there is a risk of a sharp drop
Longs, beware
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