Potential UJ Short Position 50-100 Pips
Good Afternoon Traders, about an hour before market open. ForexFargo checking back in.
Today's analysis is on USDJPY. The overall trend for this pair is Bearish.
Price seems to still consolidating between Weekly Support and Resistance Levels for the Past 3 weeks, so a big move is to be anticipated coming shortly.
In the meantime, this leaves us intraday opportunities between our S&R levels.
Right now, I am the opportunity for a potential UJ short with 2 TP regions.
Our Weekly Resistance Level is 110.050.
Our Weekly Support Level is 108.500.
Entry @ 109.950 (previous Daily Level of Resistance)
Stop Loss @ 110.200 (previous level of Resistance)
TP1 @ 109.450 (50 pips)
TP2 @ 108.850 (100 pips)
Current market conditions at the moment have price on my chart stuck between a symmetrical triangle.
My prediction is that once price breaks out there, we will have our drop as expected!
GOOD TRADING!
*Trade has been entered a couple days ago based upon the fact that I had confirmation based upon my analysis before this was posted*
Today's analysis is on USDJPY. The overall trend for this pair is Bearish.
Price seems to still consolidating between Weekly Support and Resistance Levels for the Past 3 weeks, so a big move is to be anticipated coming shortly.
In the meantime, this leaves us intraday opportunities between our S&R levels.
Right now, I am the opportunity for a potential UJ short with 2 TP regions.
Our Weekly Resistance Level is 110.050.
Our Weekly Support Level is 108.500.
Entry @ 109.950 (previous Daily Level of Resistance)
Stop Loss @ 110.200 (previous level of Resistance)
TP1 @ 109.450 (50 pips)
TP2 @ 108.850 (100 pips)
Current market conditions at the moment have price on my chart stuck between a symmetrical triangle.
My prediction is that once price breaks out there, we will have our drop as expected!
GOOD TRADING!
*Trade has been entered a couple days ago based upon the fact that I had confirmation based upon my analysis before this was posted*
Trade active
Trade closed: stop reached