USDJPY SELL LIMIT PENDING AROUND 110.000 (WEEKLY TIMEFRAME)
Good morning traders from the UK. Time to look at the the higher timeframes on this one. We are stepping out and looking at the bigger picture that could impact this pair sooner rather than later. With 2020 looming it's good to see what the end the of this year COULD look like and how that may affect the pair moving into the first half of the year.
-Weekly timeframe downtrend. We are looking for a third touch of the top descending trend line, This being my first level of resistance. In and around the 110.00 I have FIVE resistance levels across the weekly and monthly timeframe.
Secondly a weekly key level (turquoise horizontal line), which we could see a false breakout upwards to suck in retail traders. The daily has to dojis just underneath this resistance level. Again this shows indecisiveness in the market NOT a change in direction. Which makes me feel we could still pop up 50 pips to the 110.000 physiological level and stop out a few early sellers. The weekly candle closure sits perfectly underneath my weekly resistance at 109.500. Coincidence?
Thirdly, the pink trend line is from my monthly timeframe where the first point is from June 2016, the start of and uptrend. price did break the uptrend and is looking like it will retest this longterm trend line in and around the 110.00 mark. We also have a Simple moving average at 110.00 which acts as a level of resistance on the higher timeframe where the MA's are in a downtrend movement. The SMA is my fourth high timeframe resistance
The fifth level of resistance is the 61.80% fibonacci retracement level. Again we have floated in and around this level for weeks. currently we have had to touched of the 61.80, price could be exhausted and tumble back towards the downside.
This leads us nicely into mentioning that we are in counter uptrend within a yearly downtrend shown on my weekly timeframe by the highlighted grey box. Our weekly candle on 04 November is acting as a inside bar formation. I would not say that we have created a higher high this week due to the candle closure being in line with the top of the inside bar. This could show that over the past few weeks with have been moving sideways at the end of a uptrend. could this be the start of the downtrend?
As we lead into December and the festive period the first 2 weeks of this month we may see a lot of movement before the holidays begin. One to look out for. Next week check put you economic calendar as it is jam packed with upcoming news that could push this pair in a direction. My personal opinion the DXY will begin to lose strength. This will also assist with my longterm bias of UJ short.
Trade safe good risk management but all importantly go get those pips!!!
Travis Duncan
Instagram - Travis_duncz
www.rebirthholdings.co.uk
-Weekly timeframe downtrend. We are looking for a third touch of the top descending trend line, This being my first level of resistance. In and around the 110.00 I have FIVE resistance levels across the weekly and monthly timeframe.
Secondly a weekly key level (turquoise horizontal line), which we could see a false breakout upwards to suck in retail traders. The daily has to dojis just underneath this resistance level. Again this shows indecisiveness in the market NOT a change in direction. Which makes me feel we could still pop up 50 pips to the 110.000 physiological level and stop out a few early sellers. The weekly candle closure sits perfectly underneath my weekly resistance at 109.500. Coincidence?
Thirdly, the pink trend line is from my monthly timeframe where the first point is from June 2016, the start of and uptrend. price did break the uptrend and is looking like it will retest this longterm trend line in and around the 110.00 mark. We also have a Simple moving average at 110.00 which acts as a level of resistance on the higher timeframe where the MA's are in a downtrend movement. The SMA is my fourth high timeframe resistance
The fifth level of resistance is the 61.80% fibonacci retracement level. Again we have floated in and around this level for weeks. currently we have had to touched of the 61.80, price could be exhausted and tumble back towards the downside.
This leads us nicely into mentioning that we are in counter uptrend within a yearly downtrend shown on my weekly timeframe by the highlighted grey box. Our weekly candle on 04 November is acting as a inside bar formation. I would not say that we have created a higher high this week due to the candle closure being in line with the top of the inside bar. This could show that over the past few weeks with have been moving sideways at the end of a uptrend. could this be the start of the downtrend?
As we lead into December and the festive period the first 2 weeks of this month we may see a lot of movement before the holidays begin. One to look out for. Next week check put you economic calendar as it is jam packed with upcoming news that could push this pair in a direction. My personal opinion the DXY will begin to lose strength. This will also assist with my longterm bias of UJ short.
Trade safe good risk management but all importantly go get those pips!!!
Travis Duncan
Instagram - Travis_duncz
www.rebirthholdings.co.uk