Two Metatrader charts of USD JPY...daily & 240min ( i favour MT because the custom indicator i use for ML's draws reaction lines, innerlines Fib or %, trigger lines which is not possible to the same degree with Ensign ( i am new to this platform and there might be an add-on available) or E-signal).
Price has fallen from the UMLP/Reaction line confluence area and followed the angle of the red Reaction Line and now we have arrived at the green centre line after a 38.2%Fib RT (from the Swing Low of 90.00 area on 23 March to the recent S-High at 94.70 area). Will price hold on the centre line and then penetrate the reaction line are start to use it as support? Or could it just as easily retrace back to 92.00 ?
If you look at the daily chart you will see two median lines sets. Both have reaction lines drawn in and these reaction lines always have a dramatic effect on price and are a crucial timing & support & resistance,reversal tool for potential trade setups.
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