ALERT: Correction To 195 Imminent??

The guppy has been steadily rising for the past 18 trading days after a significant drop due to likely BOJ intervention. So, what’s next?

In my opinion, this pair is highly overbought across all time frames. A correction seems imminent. If you look at the daily chart, the steep and prolonged uptrend suggests a significant drop is likely.





The 4-hour chart provides an even clearer picture of this steady climb. In trading, such prolonged upward movements often precede a drop.




Today, I entered a position at 200.60. My first target is a move down towards 195, with the potential for a deeper correction to 193 or lower.


Long-term, this pair is very bullish. The 190 to 193 area could be a good entry point for long-term buyers, aiming for a move towards the monthly SELL/SUPPLY zone starting at 211.


However, if the price breaks below 190, it could trigger a larger sell-off as large traders take profits.


For now, a short-term sell seems appropriate given the current extreme overbought conditions.


Let me know your thoughts in the comment section below