tradingbay
Short

USDJPY possible 100pips

FX:USDJPY   U.S. Dollar / Japanese Yen
So this is what we have right now on UJ! This major down-trend in my previous analysis was below that last high making it look like a fake breakout! Some times a like to clean my chart and re-make all the analysis from zero It fits perfectly like this! Looking at it right now, we see these possibles up-trend channels marked with the dashed lines but none of them managed to really break the down-trend. From jan 20th we saw this rally from 110.20 to 108.50 so fast and then it went up again even faster! This could signal strengh from USD but, price did not close above 110.00 this time! Could be only a pullback before another climb and breakout of major down-trend, yes! Or, as I like to think, 110.00 is a great round number for sellers, since we are back again inside the down-trend and a good opportunity for those who missed it the first time! Right now, we have this support at 109.60.. i'm waiting on lower time-frame for confirmation before entering.

What do you think?? Leave a comment!! Also, join me on telegram t.me/tradingbayfx
Feb 11
Comment: Entering now at 109.90
SL 110.30
Feb 12
Comment: position closed at 110.05. Price is now above down-trend. Will update soon

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