In the old days, stock traders used to “read the tape”. They are literally reading the tickertape of trades that were going through live and being recorded. In other words, they watched the actual price action and made judgments regarding the supply and demand of traders.
Modern traders can look at a chart and do the same.
In this video I look at the price action in USDJPY today and explain the technical “why” and “what’s next” for the pair.
This article was written by Greg Michalowski at www.forexlive.com.