Can BULLS PUSH UJ up to 110.90 ?!

2020-01-22 05:31:14

https://www.tradingview.com/x/rJfxLLjS/https://www.tradingview.com/x/XcDPVaTC/https://www.tradingview.com/x/KFNEU6uM/https://www.tradingview.com/x/Y4cLDL8o/

UJ Thesis

- Monthly: On the monthly timeframe UJ market structure has been bearish for a whole year. Last month closed as a strong bearish candle after bouncing off 109.67 resistance. UJ could be ready for a huge plummet in the long term.

- Weekly: Last week we had a clean bullish close above 109.67/109.82 changing weekly market structure to bullish. On higher time frames buyers seem to be in control.

- Daily: After the break of both resistance levels it is clear to say the UJ is ow in bullish territory with next target 110.90 in sights to close prior gap formed in may last year.

1/4hr: Double top formed at 110.20 so a reversal/pullback down to 109.82 for a retest is expected. If level holds the a bullish rally up to 110.90 is on the cards.