Dear traders,

Last time I shared my thoughts on NASDAQ and since then the price has gone down and then up and virtually not changed much.

It’s Thanksgiving today, so US markets will be taking a break, but can they go any further up from here?

Very likely yes!

Can they go lower?

It is also an option.

But how do we know which way they will go? Well, there are moments when you should not be trying to pick a direction and this is one of those moments.

Why is that?

Because we are at a crossroad.

And also because the technicals are giving us mixed signals.

We are between a major supply zone and a minor demand zone.

I prefer to wait for the price to reach one or the other before jumping to conclusions.

What am I looking at today?

USDJPY Trading Analysis

Today is a day for foreign currencies.

I have checked the GBPUSD earlier, but it also gives me mixed signals.

The USDJPY pair, on the other hand, is looking more interesting.

What do I mean by that?

The price is just below a minor supply zone.

These zones are well-known to act as magnets. So I am expecting to see the price go higher in the next few sessions.

Then, the real question is whether we will see the price going even higher, to the next zone, or retracing from there.

Today’s activity is also confirmed by a pin bar, which clearly shows me that the buying interest is renewing.

Now, it is a matter of timing a potential long entry.

If I decide to go long, I will look for signs from the 4H chart.

These could be another pin bar, bullish engulfing, or an inside bar.

Until this happens, I will be patiently waiting on the sidelines.

Happy Thanksgiving!

Atanas