USDJPY(1D): Consolidation Before A Short

USDJPY
Timeframe: 1D
Direction: Short

Confluences for Consolidation Period:
- At support of Medium Term Trendline (established since March 2018)
- Price action hovering at 61.8% Fibo line of Recent Highs and Lows
- Overlapping of Oversold Stochastics

Confluences to Watch for a Sell
- Bearish candle formations
- Stochastic Overbought momentum wanes (if it reaches those levels)
- Crossover of 8EMA and 50EMA
- Break of Medium Term Trendline (established since March 2018)


Suggested Trade:
Price Action is likely to consolidate back upwards towards 112.48 - 113.27. Those levels are opportunities to sell USDJPY.

Entry @ 112.48 - 113.27
SL: 114.66
TP: 109.69


May the pips move in our favor! Good luck! :D


*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.

Comment:

Market is doing it's consolidation towards our Area of Interest. Be patient..

Comment:

Broke through Consolidation area, watch for bearish momentum on daily charts to confirm entry level.

Trade active