DocWonmug

USDJPY 240 long – one more impulse upward to a trendline

Long
OANDA:USDJPY   U.S. Dollar / Japanese Yen
I don’t usually do much analysis at the 1W level, but this one is pretty striking. We are near the top of an apparent trendline that started back on 1 Oct 2018. We are close to the third touch to this line. I think on the 1W level, we can expect a downturn.

Shifting to the 1D, I had been tracking an UT since 26 Aug 2019. PA has now dipped below the bottom of that trendline and has retested it as resistance. This supports a shift to a falling trend on the longer time frames.

But finally looking at it on the 4H, I think we have one more upward impulse before the PA hits the upper trendline. I’ll be looking for a retest at the probable HL and a break above the RSI trendline.
Trade active: This shows the entry, TP, and SL
Trade closed: stop reached: As the trade was starting out, I moved the SL to BE. So it hit but then worked out per the initial analysis.

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