Following up with the 1:00 post, I exited USD/CHF with a loss of 10 pips because the market gave a sharp reversal back to the uptrend, so I feel like timing is not right, and there might be more bullish attempts.
Now waiting for EUR/JPY and AUD/JPY to resolve consolidation, which is testing the 15-min 50-period simple moving average. There seems to be inverse doji like candles forming in both 15-min charts. This is also occurring at the 61.8% retracement level for the EUR/JPY and 50% level for AUD/JPY. The RSIs are also approaching 60. If the market reverses from here it would be a very well-behaved completion of a correction. I will consider shorting, but after some confirmations that the correction is complete. Candlestick action will be my trigger.
Meanwhile, I will attempt a risk assessment of short trade for each of the pairs. I will then have to monitor candlesticks in the 15-min time-frame on the way down until the attempt breaks the recent minor lows. So I would monitor the AUD/JPY until it closes below 73.65 and the EUR/JPY below 108.05.
Will update soon. It appears the dojis were just pauses so far.
Fan Yang Currency Analyst Commodity Trading Advisor firstname.lastname@example.org
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.