A strong rally from 1.0828 lows yesterday has run into fresh supply 30 Aug
I highlighted decent (bolded) offers/resistance between 110.20-25 in the order board earlier and that follows no from some bolded interest around yesterday's lows at 108.30
Well, we've topped at 110.17 and now down to 109.88, albeit with dip demand nearby and more between 109.50-60.
I've said a few times in posts here at FXL that in these markets it's important to 1) block out all the noise and see the wood from the trees , 2) pick your range/entry-exit points carefully and 3) don't get greedy.
The moves of the past 24 hours have been sharp but very tradable with good discipline. I prefer to sell rallies still but equally there's a case for buying dips.
Newbies/less experienced traders will think these type of markets are volatile but it's all relative and in overall terms they are most certainly not. Ranges are still very tight. Trust my 38 years of trading on that one.
FX markets have always been the most fickle and the turnaround in the past 24 hours illustrates that perfectly. What in real terms has changed?
Don't over analyse ( a lot which I see in the comments threads).Remember, ours is not to reason why, ours is just to sell and buy.
USDJPY 240m