USDJPY-top down analysis and short entry

FX:USDJPY   U.S. Dollar / Japanese Yen
524 3 6
At first sight this pair looks messy but doing a top down approach i can see what the price is telling us more clear.

First take a look at monthly chart

The price needs a deeper correction at a strong resistance.

Weekly chart analysis

The big bearish divergence is still in play

Here on D1 chart we see a clear sequence of HH,HL. Finally the price broke the trendline and retested it at the 0.61 fib retracement.
We can see also a HS pattern forming.
May be we are at the poing C of a future bullish pattern also.
The entry is a the retest of 120.00 level to have a better R/R ratio

Best regards.

FullTImeTrader, is it running in a channel?
FullTimeTrader TradeYodha
Hello, the channel is well drawn but from my point of view after top-down analysis the price is exhausting and may not complet the channel.
TradeYodha PRO FullTimeTrader
thanks a lot for your confirmation.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out