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 email@example.com
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