I wont mention it again after this but i'd like to point out this veiw from march 29th I posted. I am an overall Bull but i still think there is room to go down before BOJ really steps up and brings the pair to new heights. It WILL go down because that is what value has been saying all along. Below is what I posted on March 29th and although price didnt move as sharply as expected, it is moving in the exact course and to the price points mentioned. Note the low yesterday was a target mentioned so buyers were expected at 100.80 area. It wont hold, it will be broken and go to the next area of interest just a matter of time. Take heed.
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Well now that the week is over and can look at the chart I see a fall.Why? The weekly market profile finished as a completed file, but the following things show a move may occur:
Complete profile
Price ended up above the weekly value area and is near the top of the range
102.99 is where sellers are and is also a previous monthly point of control.
So with those factors, price is out of balance which means there is potential for a big move either way. The reason I see a fall is the fact it is close to a previous monthly point of control on a retest, price is out of balance on the weekly profile, and it is oversold on %R (I don't buy or sell of %R but I do look at it under these conditions to help confirm), price has mad higher high but OBV is not following on the daily, 4hr or 1hr and there is clear divergence with OBV having mad lower lows.
With all that in mind the scenarios that can happen are that price can now range and build a new base and find price agreement in this area or it can retest the weekly value area high 102.41 before resuming up, or being out of balance it cold shoot up or down very quickly. As I have noted my bias is a sharp move south possibly as low as 100.85 which is a previous monthly value area high.......and don't laugh........................but 98.59 is a monthly virgin point of control that seems to be calling this pairs name and April 1st could be the catalyst to move it down. If that's the case, a stall at 99.59 my come fist.
So next week retail buyers may hop on board for the slaughter not knowing that 103.27 is a weekly virgin point of control. If price doesn't immediately fall off it may rise to that point and then boom the buyers are trapped.
To wrap it all up, I think this little rise is all a trap which triggered a bunch of stops that were above 102.46 and 102.62 for those who were short. With them taken out bigger players can sell at a better price. Those who went long got a nice move on Friday but they should be wary, because probably a lot of people have stops below 101.98 and 101.71. That's important because there are plenty of buyers at 101.41 but if enough stops are triggered price could bust through that.
Those are my thoughts. Lets see how it pans out."
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Well now that the week is over and can look at the chart I see a fall.Why? The weekly market profile finished as a completed file, but the following things show a move may occur:
Complete profile
Price ended up above the weekly value area and is near the top of the range
102.99 is where sellers are and is also a previous monthly point of control.
So with those factors, price is out of balance which means there is potential for a big move either way. The reason I see a fall is the fact it is close to a previous monthly point of control on a retest, price is out of balance on the weekly profile, and it is oversold on %R (I don't buy or sell of %R but I do look at it under these conditions to help confirm), price has mad higher high but OBV is not following on the daily, 4hr or 1hr and there is clear divergence with OBV having mad lower lows.
With all that in mind the scenarios that can happen are that price can now range and build a new base and find price agreement in this area or it can retest the weekly value area high 102.41 before resuming up, or being out of balance it cold shoot up or down very quickly. As I have noted my bias is a sharp move south possibly as low as 100.85 which is a previous monthly value area high.......and don't laugh........................but 98.59 is a monthly virgin point of control that seems to be calling this pairs name and April 1st could be the catalyst to move it down. If that's the case, a stall at 99.59 my come fist.
So next week retail buyers may hop on board for the slaughter not knowing that 103.27 is a weekly virgin point of control. If price doesn't immediately fall off it may rise to that point and then boom the buyers are trapped.
To wrap it all up, I think this little rise is all a trap which triggered a bunch of stops that were above 102.46 and 102.62 for those who were short. With them taken out bigger players can sell at a better price. Those who went long got a nice move on Friday but they should be wary, because probably a lot of people have stops below 101.98 and 101.71. That's important because there are plenty of buyers at 101.41 but if enough stops are triggered price could bust through that.
Those are my thoughts. Lets see how it pans out."