As the USDJPY looks to violate the 111.00 even handle my guess is that a lot of traders will anticipate a bullish breakout. This may be true, but it also may be short lived as if you LOOK LEFT (Structure leaves clues) you'll notice 2 overlapping levels of previous resistance from the 1st quarter of 2020.
Now there is certainly room to the upside for those getting long, as those levels are 75-100+ pips away, but personally I'll be looking for opportunities to short as we come into those highs taking more of a contrarian view (as I often do).
I hope you guys are having a great week of trading & if you found any of this helpful please leave me a thumbs up. Also if you have any questions or comments please leave them below as I do read and respond to each one.
Thx for the post Akil, I was a student of yours back in the Stapleton days… I hope you and your wife and daughter are doing well, I remember when she was born. Keep well and prosper!
Akil_Stokes
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@Btownera, Thank you, I appreciate the long time support
zarrim-m
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I agree with you and I want to put another point on your analysis. If you take a look at RSI chart in the daily time, you will find that the negative RD start to be happen.