Yet another classical technical view on USDJPY as it comes out of the classical 200 Moving average (110.20) with a short covering. The Interesting part is that so far 7 attempts had made to close above 200MA since May 2018 all ends in vain. However current short-covering in USDJPY started with the speech of Peter Navarro, “one of President Donald Trump’s top trade advisors, said the market was overreacting to fears the administration would restrict foreign investment as part of its trade actions against China and other countries,” according to CNBC.
How to Read a Market Profile Chart?
Market Profile is not a trading system but a market generated information and a decision supportive system along with your existing trading systems. It provides you knowledge about who is in control in the market (Long Term Players, Short Term Players, Day Traders), directional conviction. Market Profile gives an idea to a day trader about where to take a trade and which trend to play for the day based on trend conviction