As we all can see the Japanese yen on the Monthly chart the strong bearish momentum and the bearish waves are clearly visible on the chart
we also saw that the price formed lower highs and then lower lows which supports the bearish momentum at the market structure analysis
after that we saw the USDJPY pair trading in sideways direction and the sell high buy low techniques has been dominant through the last year on the monthly chart
based on that analysis we expect the price to go further to the south after touching the high of the sideways direction and we positioned our sell limit orders at the numbers of 114.000 with Fixed stop loss above the last highest high plus the average true range of the monthly movement we also made our first potential target at the lowest low at 2021 at the numbers of 102.350 with nearly 1200 PIPS profit at the first target
after that if we saw breaking of the support of the sideways channel we will continue holding our sell positions until we see new lows at the golden FR of the bullish wave on the USDJPY pair at the numbers of 94.000
NOTICE : this is SWING trade which will take time to achieve its targets or stop loss if it went upward
please use strict money management
Trade Safe
we also saw that the price formed lower highs and then lower lows which supports the bearish momentum at the market structure analysis
after that we saw the USDJPY pair trading in sideways direction and the sell high buy low techniques has been dominant through the last year on the monthly chart
based on that analysis we expect the price to go further to the south after touching the high of the sideways direction and we positioned our sell limit orders at the numbers of 114.000 with Fixed stop loss above the last highest high plus the average true range of the monthly movement we also made our first potential target at the lowest low at 2021 at the numbers of 102.350 with nearly 1200 PIPS profit at the first target
after that if we saw breaking of the support of the sideways channel we will continue holding our sell positions until we see new lows at the golden FR of the bullish wave on the USDJPY pair at the numbers of 94.000
NOTICE : this is SWING trade which will take time to achieve its targets or stop loss if it went upward
please use strict money management
Trade Safe