USDJPY Shorts from 145.200 down towards 140.000
USDJPY continues to display a strong bearish outlook as the price has once again broken structure to the downside, affirming a long-term bearish trajectory. Regarding potential opportunities around the current price, my strategy involves awaiting a price retracement to the nearest supply, identified on the 15-hour time frame. This scenario represents the next potential phase for the price to initiate a downward movement.
At present, I'm in a wait-and-see mode, anticipating the price to fill in the imbalance and undergo redistribution. This would serve as an indication that bullish pressure is diminishing, signaling the potential for another impulsive downward move. If the price proceeds further downward, I'm also prepared for a potential buying opportunity around the 7-hour demand zone near 140.000.
Confluences for USDJPY Sells are as follows:
- Price broke structure to the downside confirming a long term bearish trajectory.
- Dollar (DXY) looks like its going to continue a bearish trend which acts as a positive correlation for this pair.
- Lots of liquidity below that hasn't been taken on higher timeframes like trend lines etc.
- In order for price to continue in its bearish course it must retrace back to a major supply so it can create another impulsive move to the downside.
P.S. Being decidedly bearish on this pair, I am eager to observe the response from the 7-hour demand zone, situated at a significant psychological level of 140.000. Furthermore, the zone has initiated a Break of Structure (BOS) to the upside, providing an additional positive confluence that suggests the potential temporary holding of this zone. Feel free to share your thoughts on the USDJPY market in the comments below.
At present, I'm in a wait-and-see mode, anticipating the price to fill in the imbalance and undergo redistribution. This would serve as an indication that bullish pressure is diminishing, signaling the potential for another impulsive downward move. If the price proceeds further downward, I'm also prepared for a potential buying opportunity around the 7-hour demand zone near 140.000.
Confluences for USDJPY Sells are as follows:
- Price broke structure to the downside confirming a long term bearish trajectory.
- Dollar (DXY) looks like its going to continue a bearish trend which acts as a positive correlation for this pair.
- Lots of liquidity below that hasn't been taken on higher timeframes like trend lines etc.
- In order for price to continue in its bearish course it must retrace back to a major supply so it can create another impulsive move to the downside.
P.S. Being decidedly bearish on this pair, I am eager to observe the response from the 7-hour demand zone, situated at a significant psychological level of 140.000. Furthermore, the zone has initiated a Break of Structure (BOS) to the upside, providing an additional positive confluence that suggests the potential temporary holding of this zone. Feel free to share your thoughts on the USDJPY market in the comments below.