UJ has reached the resistance of the downwards trend channel that it has been in for the past month.
It show some very bullish price action, breaking through the resistance level quite significantly but this was promptly met with
a series of large bearish candles.
Price is now meandering around short-term support.
Will be waiting for confirmation by way of price making an engulfing break through this structure before opening a position.
The fact that price did break through and is now meandering suggests that the resistance may not be as strong anymore, so I'll also be looking for a potential break-and-retest setup for a long positon.
It show some very bullish price action, breaking through the resistance level quite significantly but this was promptly met with
a series of large bearish candles.
Price is now meandering around short-term support.
Will be waiting for confirmation by way of price making an engulfing break through this structure before opening a position.
The fact that price did break through and is now meandering suggests that the resistance may not be as strong anymore, so I'll also be looking for a potential break-and-retest setup for a long positon.