Technical Analysis

Getting more comfortable above 200 bar MA on 4-hour chart

The USDJPY continues the trend higher.  The price corrections have been modest. The price is also moving above the 200 bar MA on the 4-hour chart. That MA comes in at 107.67. Stay above is close risk for intraday longs. 

As outlined in an early post, the pair is trading in a channel on the 5-minute chart. The low channel line comes in at 107.64 currently (and rising).  The 38.2%-50% of the last trend leg higher comes in at 107.50-559.  The rising 100 bar MA is at 107.527. 

In a trend move, the trailing 100 bar MA and the “correction zone” (38.2%-50% retracement of the last trend leg higher) is a way to gauge the trend move.  A move below that area (and 100 bar MA) muddies the water.   Putting it another way, the buyers and sellers have reached an equilibrium area after trending.  

See here for global coronavirus case data

Source link

Articles You May Like

Gold threatens first break of the 200-dma since March
BIGGEST MISTAKE Beginners Make In Forex Trades… (you need to watch this twice)
It is clear that our stimulus so far has not been sufficient
BEST SCALPING STRATEGY | Hedging Forex Strategy | 100% Win Rate Strategy | TESTED NOW _ Part 1
$2000 GBPUSD TRADE BREAKDOWN | FTMO GIVEAWAY | Insane Forex Scalping Strategy

Leave a Reply

Your email address will not be published. Required fields are marked *