Good Morning Traders
I see a nice shorting opportunity forming on the USDJPY.
There has been strong bearish momentum on this pear for the last few days, with price breaking below the previous resistance level marked in orange.
We are now waiting for a retracement to the 108.60 - 108.70 area and looking for rejection of that area to go short.
The area of resistance is also supported by two trendlines that has been broken by price action.
There are two possible TP areas for you, with different R:R ratios.
Entry: 108.60 - 108.70
SL: 108.76
TP1: 108.25 (R:R 3.64)
TP2: 107.90 (R:R 6.82)
Safe Trading Friends.
I see a nice shorting opportunity forming on the USDJPY.
There has been strong bearish momentum on this pear for the last few days, with price breaking below the previous resistance level marked in orange.
We are now waiting for a retracement to the 108.60 - 108.70 area and looking for rejection of that area to go short.
The area of resistance is also supported by two trendlines that has been broken by price action.
There are two possible TP areas for you, with different R:R ratios.
Entry: 108.60 - 108.70
SL: 108.76
TP1: 108.25 (R:R 3.64)
TP2: 107.90 (R:R 6.82)
Safe Trading Friends.
Comment:
SL was updated on the account to 109.00 before the high volatility this morning.