Looking at USDJPY as we head into the new week we can see that price previously had an impulse move to the downside which has pushed price right through a supported zone on the H4 time frame, this was a pretty strong level in the market and I can only expect this zone to hold quite strong as we continue on. As price looks to be heading to the upside we can see that it instantly rejected the previous supported zone which is making this level a new resistance zone for current price. I am looking for some sort of double top and then a downside continuation and then we will enter. If the moving averages cross also that will be a helpful confluence also.
This is what I am looking at and I have marked up some factors of the market in the analysis, hope that helps.
This is just my outlook on the current market and is never set stone so please don't take this as any sort of signal.
Thanks! trade safe
This is what I am looking at and I have marked up some factors of the market in the analysis, hope that helps.
This is just my outlook on the current market and is never set stone so please don't take this as any sort of signal.
Thanks! trade safe