SAFEHAVEN YEN Aiming to Test the Lower Trendline Of the Channel
Looking at the main chart it can be seen that the price is confined in a channel which is in a current uptrend! However a small pause is likely to occur before the long term price finds the right direction to trend again.
Looking at the above 4hr charts, there is a rough head and shoulders pattern that is present and a break of the neckline which also happens to be at the level of 4hr 50 EMA could signal a slight correction towards the ascending trendline of the channel. If a break does occur i will potentially wait for the price to breach both 4hr and daily 50 EMA before going short on this pair.
i shall provide any update for entry criteria shall the technical and fundamental picture meet. cheers
Looking at the above 4hr charts, there is a rough head and shoulders pattern that is present and a break of the neckline which also happens to be at the level of 4hr 50 EMA could signal a slight correction towards the ascending trendline of the channel. If a break does occur i will potentially wait for the price to breach both 4hr and daily 50 EMA before going short on this pair.
i shall provide any update for entry criteria shall the technical and fundamental picture meet. cheers
