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On M5 we have a corridor right at H1[6/8] M30[6/8] M15[6/8] M5[6/8] -premium trade area;
If it wants to reversal off this MMTLine, the up break of the super trend may move the price towards D1[+1/8] H4[6/8] H1[8/8] M30[8/8] M15[8/8] M5[8/8] or from the downwards perspective of the breakout it may take the price towards H1[5/8] M30[5/8] M15[5/8] M5[5/8], trend continuation.
As we can see, on M5 we already have a confirmed divergence, leading to the idea of a probable up trade so that the possibility of targeting 1:2-1:4 risk/reward ration on that particular trade.
But also we have to be opened for a possible trend continuation that may take price from H1[6/8] M30[6/8] M15[6/8] M5[6/8] to H1[5/8] M30[5/8] M15[5/8] M5[5/8]
From fundamental perspective what we know so far is that:
– Larry Kudlow: President Trump needs a stable dollar along with tax cuts to maximize growth
– Dollar Pares Gains After Hitting Highest Level in More Than 3 Months
– The US GDP sent the USDJPY to a new session high on Friday, but the pair stalled against a ceiling area defined by swing highs from April at 114.37 and July at 114.49. The high peaked at 114.44 – in between the two levels. The fundamentals support a higher dollar (I would think). The yields are at a cross roads though and so are the technicals on the USDJPY chart. As a result, there is a little pause and depending how the wind blows will control how the pieces all come together. The good news is there are some pretty definitive levels that should give bullish or bearish bias clues. Use them to your trading advantage.