Instructions: 1)The Relative Strength Index (RSI) shows that the asset is temporarily overbought/oversold, suggesting a possible trend reversal. 2) Bollinger Bands indicator shows that the asset is currently in an upper/lower resistance/support zone. 3) The Forex Stochastic Oscillator (Stoch) helps identify buy and sell moments based on comparing the current price with the price range over a specific time frame. 4) In addition, I use Heiken Ashi candles, which help to see the trend in a smoother and smoother way.
Intervals:
H1: 1) RSI near the 70 level and the indicator is falling 2) Price bounced off the Bollinger band 3) Stoch above 80 and the sell line (red) is on top of the buy line (green) 4) Red candle Haiken Ashi
Notes: Additional confirmation will be the red Haiken Ashi candle on the H4 interval.
Conclusions: Based on the analysis of the RSI, Bollinger Bands, Stoch and the Heiken Ashi candles, it appears that the USDJPY asset may be at a turning point.
Stop Lose: Above the top of the Bollinger Band +10/15pips. SL will be set at break even after a 10/15pips gain.