USDJPY – Balancing Structure Still In Play (4hr chart)
In a large balancing structure, the USDJPY has been confined to a 350 pip range for the last ~4 weeks between 118.25 and 121.75. For now, keep playing this structure until we get a daily close outside this.
If the support folds, then forex traders should expect the August lows around 116.15 comes under attack while breaking resistance puts 122 into play.
S&P 500 – Key Resistance Holds, Attack on Range Lows (4hr chart)
After forming a pin bar rejection at the key resistance of 1998 post FOMC last week, the S&P 500 sold off solidly to end the week. ST this puts a range in play with the ST range …