As a follow-up from my Gold post I’ve thought to write one more article about the USD/JPY. First and foremost our look at the macro chart:
Looking at this chart, we can observe that the one time framing higher behavior which occurred for several years ended this Year. The next thing to note is the test of the previous balance area low in my opinion. And the last thing to identify is the new potential balance area.
With all this in mind, let’s move forward quickly to the weekly timeframe. Again, the same like in Gold: Balanced.
Now identify the extremes on the daily timeframe as we have to lean on the balance extremes.
Weekly developing value low confluent with the daily balance extreme and some previous VWAP close levels.
That’s it! Actually there is one more thing but as in the previous post said, I will keep this in the forum. In a summary you have to simplify your charts after the years of experiences which helps to let your valuable market knowledge breath and grow in my opinion.