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USD/JPY bounces back after testing support at 100.042 levels but these upswings restrained at 21DMA & resistance of 101.747 levels.
Despite jump above 7DMA and the bullish momentum, the pair doesn't seem to clear resistance and it seems to have appeared a shooting star pattern.
On a broader perspective, the trend moving in sideways as the bears holding stronger at 103.909 levels, the major downtrend still remains intact as the price declines in the sloping channel.
While on monthly terms stiff resistance is seen at 103.909 levels and ongoing upside potential of this pair on daily terms is capped at 21DMA, but intraday sentiments are still mildly bullish bias.
Leading indicators converge to the prevailing price upswings, RSI is spiking higher above 46 levels and %K crossover above 20 levels on slow stochastic curves but it is contrary on the monthly terms.
7EMA crosses below 21EMA on monthly terms, price dips are consistently below EMAs and in conformity to leading & lagging indicators and massive volumes.
Downside equally holds strong support at 100.042 mark, the break below could see the retest of recent lows of 100 and below targets.
Trade tips: The Pinocchio Strategy is another common and popular strategy for trading Binary Options. A candle bar that has a very small body and a very long wick is known as a Pinocchio bar or a Pin bar. Just as Pinocchio lied to us as his nose got longer, the candle bar lies to us as the wick gets longer.
It also has a wick at either end of the candle which represents the highest and lowest prices that the FX pair was traded at for during the time period of the candle.
Once you learn how to interpret today’s candle which seems to be shooting star you can decipher these types of technical charts very easily.
The Pinocchio strategy is called such because it looks at candles which have small bodies and very large wicks; these are called Pinocchio or Pin Bars.
The profits extracting strategy is effective in more than one type of trading also because Pinocchio strategy can be used in either binary option strategy or for trading currency pairs.
