Big picture shows price halted at fib6 via a bearish engulfing . this leaves an impression for subsequent months to have bearish bias.
This bearish bias gave rise to a successful 1234 WR6B which completed the d1 bear flag on week15
Coming to week16 with one of the most bearish week since Oct 2013,
I am looking to see if this momentum can continue n break thru the support for the month of april and bring down the jpy market. Should that happen, my curent positions in cadjpy n audjpy will have the chance to continue to move.
It was a good decision not to continue any short. I am satisfied with analysis not on shorting into strong support, but not sure if I could have done better to get long.
Nevertheless, downside bias remain strong hence the constant lookout for short opportunities instead of long ones.
Price is coming to a resistance confluence of a previous wr6b d1 fib5 confluence zone hence will be on look out for a ranging/short opportunity.