FullTimeTrader
Short

USDJPY-strong rejection from the 0.61 fib

FX:USDJPY   U.S. Dollar/Japanese Yen
1489 18 29
Hello, from my point of view this pair is already on downtrend. We can see the sequence of LH, LL already forming.
This pair likes periods of long-term consolidation and then a strong breakout. My prefered scenario is a breakout to the downside.
Looking at W1 chart we see price is testing a strong level of S/R. We see also a convergence (first lower low) and confirm it on oscillator.
snapshot

Here on D1 chart we have:

- 0.61 fib retracement
- pinbar showing rejection
- slight divergence on RSI

I would sell here with SL and targets shown on chart. This is a long-term trade.

BE CAREFUL tomorrow with the NFP news.

Best regards.

*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
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ChetanFX
a year ago
I see same..
Reply
kmk.msp
a year ago
tomarow risk event of NFP, Would you like to short now or after NFP @fulltimetrader
Reply
FullTimeTrader kmk.msp
a year ago
Hello, it depends on each trader. The NFP news could be "neutral" or sometimes news "help" . Its always a dilema. Personally i have already another short on USD so i will not open this one.
Overall i recommend not to open the trade before the news. Regards.
Reply
kmk.msp FullTimeTrader
a year ago
Thanks, I always follow your trades
Reply
Similar view. Good luck!
Reply
Rayge
a year ago
maybe not.. i think usdjpy will up to 124 first
Reply
FullTimeTrader Rayge
a year ago
Hello, could be a deeper pullback. In that case i will try to enter short higher but this area is my prefered. Regards.
Reply
Checkmate PRO FullTimeTrader
a year ago
Totally agree... Same view here...

USDJPY Correction
+1 Reply
Checkmate PRO Checkmate
a year ago
Please refer to the updated analysis under comments section of this chart...
+1 Reply
FullTimeTrader Checkmate
a year ago
Hello, the structure on lower TF is very complex, its is correcting the last decline on D1 chart. I that cases i use other tools such as S/R, convergence-divergence and fibs as you can see on my chart. When publishing a post i always show my PREFERED scenario, SL and targets. The possibilites are many. Regards.
Reply
RamprasadSanthanam FullTimeTrader
a year ago
How are we doing with this set up I am expecting to godown at least 120 level, any overview
Reply
nahidik PRO Rayge
a year ago
My magic 8 ball tells me it will go up or down. Price has been range bound lately. I agree if it breaks up it could go to 124 not too much resistance. If it pulls back below 121.4 I believe it will be a good short. Either way I need a bit more confirmation before I pull the trigger.
Reply
FullTimeTrader nahidik
a year ago
Hello, thanks for sharing your view. Long term im also bearish. Regards.
Reply
thanks for the analysis, same view.
Reply
aibek
a year ago
Hi man, awesome weekly chart (missed it in my analysis now it fully fits my view), thank you!
In my humble opinion, we will reach 0.786 fib where small white c=a in wave (c) of red ((b)). Then down deep! Best, Aibek
snapshot
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pete_hef aibek
a year ago
This is exactly what happene: Wave B could or will be be completes near 76.8! Great analysis. Lets see if it go short now.
Reply
aibek pete_hef
a year ago
Thanks Pete! Don't be hasty with yen. Wait for daily red candle.
Reply
KVE PRO
a year ago
This was my idea from 9 days ago, missed the long trade but in short now for a re-test of broken range boundary, going good for now...
USD/JPY: Bat within the range or AB=CD out of the range.
Reply
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