Testing restistance but is it powerful enough to break through?
Updated
UJ looks like it's ready to rally back up after it consolidated for over two months (Starting around the drop in the week of 25th of July).
RSI is well directed (to the upside) but needs to really get above 50. Beginning of October started off well but last week it consolidated at a level that proved to be too hard to break the week of 29th of August and 5th of September.
The week isn't over yet so it can definitely break higher in the coming three days.It already tested the consolidation zone around 103.85 - 104.20. If the price can finally settle above 104.30-ish we might finally see new highs, maybe even 110.
We also see bearish divergence in Q2 of 2016.
In summary, lots of signs supporting a bullish break out BUT we need a good break of current consolidation area.
RSI is well directed (to the upside) but needs to really get above 50. Beginning of October started off well but last week it consolidated at a level that proved to be too hard to break the week of 29th of August and 5th of September.
The week isn't over yet so it can definitely break higher in the coming three days.It already tested the consolidation zone around 103.85 - 104.20. If the price can finally settle above 104.30-ish we might finally see new highs, maybe even 110.
We also see bearish divergence in Q2 of 2016.
In summary, lots of signs supporting a bullish break out BUT we need a good break of current consolidation area.
Trade closed: target reached
A very good long :)
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