Last couple of weeks we noticed bulls to be very active in this pair. That can be over very soon,cause we have some good indication that price will be pushed down. There is no Big Fundamental data that can strongly affect this pair in comming days.
Techincal analasys showed that USD/JPY reached 1D trendline. Near that level we also have ressistance point. That ressistance level was retested several times,and the price couldnt get thru. This,perhaps,will be one of the last test of
trend and ressistance line before the bears get into the market and dive the price down.
From the 9th of may we can see that this pair has formed triple top formation. If we combine that with all previous mentioned,it is legitimate to say that bears will sooner or later 'hop in.
Also,the proof of exhaustion we can see in form of the last couple of candles,they are forming wicks,and to confirm all this bearish move we have candlestick pattern called bearish Harami.
In order to get in this trade, we need to let the candle to close under 4hrs trendline and use SL and TP as shown.
Of course,you can set tighter SL but i do not recomand that just in case STOP HUNTERS come in game.
Techincal analasys showed that USD/JPY reached 1D trendline. Near that level we also have ressistance point. That ressistance level was retested several times,and the price couldnt get thru. This,perhaps,will be one of the last test of
trend and ressistance line before the bears get into the market and dive the price down.
From the 9th of may we can see that this pair has formed triple top formation. If we combine that with all previous mentioned,it is legitimate to say that bears will sooner or later 'hop in.
Also,the proof of exhaustion we can see in form of the last couple of candles,they are forming wicks,and to confirm all this bearish move we have candlestick pattern called bearish Harami.
In order to get in this trade, we need to let the candle to close under 4hrs trendline and use SL and TP as shown.
Of course,you can set tighter SL but i do not recomand that just in case STOP HUNTERS come in game.