justatrader
Short

USDJPY - Monthly Trend line + Horizontal resistance

FX:USDJPY   U.S. Dollar / Japanese Yen
408 6 15
Price finally made it to 123 level. And now its time to look for shorts.
Bearish candlesticks on Weekly/Daily timeframe near 123 will probably be the first clue. This could be a long term play, probably a couple of months to target the break out level at 106.428

RSI is also showing a hidden bearish divergence!!!
Do you think from here onwords price will fall.. until 106.428 in couple of months. aswell as any chances stil to break about 125
Reply
justatrader HarryPotter
We'll have to wait and see how the monthly candle closes if we are to expect a dip to 106. The daily chart below offers Support/Resistance levels if you're interested to catch some moves to the downside.

A close above 124.8 will invalidate the short side bias and could see a possible rally to 127.
The rectangle posted in the above chart on the RSI is where i'm expecting to see a lower high on RSI, which should bring more confidence to the bias for shorts.
Reply
IvanLabrie justatrader
I think it's time for it to collapse, looking at 118-120 for booking partial profits. (entered short at 123.752)
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Appreciate your analysis. Want to know why price tend to retest the breakout, any reason?
Reply
HarryPotter whtangsam
I would like to know same. please :)
Reply
justatrader HarryPotter
Its hard to explain in a few lines, so i'll give this example/question instead. If you have a springboard and you want to jump to reach the next level or the roof... would you jump only once or would you at the very least jump twice on the springboard to build enough momentum
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