ICmarkets
Short

Looking to sell on the close of the H4 candle...

FX:USDJPY   U.S. Dollar/Japanese Yen
110 0 2
The value of the USD/JPY             increased for the fourth consecutive day yesterday, bringing the pair to highs of 103.29 by the close. Consequent to this, weekly price has now connected with a long-term weekly resistance line coming in at 103.22. In conjunction with this, daily action is also seen trading within touching distance of a daily supply base carved from 103.50-103.89.

Our suggestions: Put simply, our team is looking to sell on the close of the current H4 pin bar , as it’s forming within a green H4 sell zone comprised of the 103 handle and a small H4 resistance area at 103.50-103.60. What makes this barrier so strong is the fact that the weekly resistance line mentioned above at 103.22 slices through the middle of this zone! The only grumble of course is that price may find support at 103 before dropping lower!

We would also advise any of our readers who are interested in taking this trade to be conservative in regards to stop placement. Our stop will be placed at 103.66 – just above the current H4 resistance area since this will give the trade room to breathe.
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