JPY/USD (6J) Analysis with the Market Profile
The following article continues the initial analysis of the JPY/USD futures market based on the recent price developments. The analysis has been implemented with the Sierra Chart study collection utilising the weekly market profile in combination with the volume profile.
The market took the previously suggested short move and traded around the initial range (1) the past week. Considering a buyer perspective, the market may gain strength and move back above the upper range level at around 0.00934 (2) illustrating buyer strength with a first target at an earlier value area high around 0.009414. In contrast, should the market trade below the lower range level 0.009260 even lower prices are possible with a first target at an earlier range (3) around 0.0092055.