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.
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Market is doing it's consolidation towards our Area of Interest. Be patient..
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Broke through Consolidation area, watch for bearish momentum on daily charts to confirm entry level.