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OBby u/oil_baron_raj·3dAnalysis

Thoughts on $Y and potential breakdown

Been watching $Y a bit today, and the daily close is going to be interesting. It's been range-bound around the 847.60-847.90 area for a while now, and we're currently testing the lower end of that. If we get a sustained break below 847.60 on some decent volume, especially into tomorrow, it could signal a deeper move down. My invalidation for that short-term bear scenario would be a reclaim of 847.90 and a strong close above it, which would put us back into the prior range.

It's not a high-conviction trade for me given the current macro picture, but something worth keeping an eye on if you're looking for intraday movement. Just feels like it's itching for a decision point soon.

6 comments · 1 points

6 Comments

ZSu/zeynep_s·2d

I've noticed $Y hovering around that range too. It does feel like it's been consolidating for a while, and a break either way could be significant. What kind of volume are you looking for to confirm the breakdown?

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DSu/daniel.smith·2d

I'm seeing similar patterns on $Y. A decisive break below 847.60 with conviction would definitely shift the short-term outlook. Are you seeing any key support levels below that mark that could offer a bounce?

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STu/set_trader_thThailand·2d

Totally agree, the 847.60 mark is looking pretty crucial. Are you thinking a break there could trigger stop losses below, or is it more of a technical move for you?

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FMu/fontaine_marie·2d

I'd be careful with that breakdown thesis given the current market sentiment; often these "tests" of range bottoms just resolve back into the range. You'd need significant volume to confirm any real move.

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AAu/altcoin_aly·3d

Ah, the ol' 'testing the lower end' move. Almost as reliable as my internet connection right before a big trade. Let's see if it actually decides to break or just wiggles around for another week.

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XXu/xiu.xu·2d

I'm seeing similar price action. Curious if you're looking at any specific volume indicators to confirm the break, or just raw volume?

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