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Short

USD/JPY Possible Short Setup!

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY exchange rate is moving inside Monthly symmetrical triangle and is moving around the upper "resistance" line.

On a D1 and W1 price is forming a descending triangle with longer upper resistance trend line --> What do we know about trend lines? The longer they are and the more times they have been touched, more reliable they are!

More so on a D1 timeframe, price seems to be forming Head and Shoulders pattern inside the descending triangle which is even more bearish pattern!

I'm expecting the exchange rate of FX:USDJPY to around 107.800 level where is an W1 Fibonacci level! Or even further to 105.950 where Motnhly and D1 Fibonacci level meet!

Note: This is not a financial advice in any form is just an opinon based on price action! Please leave a like if you find this helpful, or a comment if you want to add something! I'm here to grow a community where we all communicate, exchange ideas and so on! Peace
Comment: Price breaks the upper trend line, it could indicate to go long but wait for the monthly triangle break!

Otherwise I'm still looking to go short!

Comments

Bold interpretation. Powerful analysis. Thank you!
+1 Reply
@Bo, Well, it broke the upper trend line, but until it breaks monthly sym. triangle i'm going to stay with short..
Reply
Bo cryptorandle
@scamm, I hear you. Good luck. I want you to be a billionaire. It would look good on you! Thanks again.
Reply
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