FullTimeTrader
Short

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
snapshot

The price needs a deeper correction at a strong resistance.

Weekly chart analysis
snapshot

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?
#USDJPY in Channel? Would love to hear your opinion on it.
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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.
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TradeYodha PRO FullTimeTrader
thanks a lot for your confirmation.
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