FXtrades-gp

USDJPY: Could you CONFIRM this BREAKOUT?

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
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🟢Forex Pair:
USD/JPY

Technical Analysis:
In the weekly time frame, since December 2016, the price has been moving with a clear downtrend, following a strong descending channel .
It's currently in the same trend direction, without giving us any sign of weakness.

In the daily time frame, since July 2020, the price has been moving inside a falling wedge , bouncing many times on its dynamic S/R lines.
It's currently reached the middle of its pattern, still in downtrend.

In the h4 time frame, the price created an interesting symmetrical triangle, breaking through its dynamic support line only one day ago.
It's currently retesting a strong S/R level and the next price action will be essential to understand the next market movement.

🔴Conclusion:
I believe there is a nice chance to catch a short opportunity on this trade and I'm really confident to see the price falling down soon!
Once the price will pullback on its dynamic support or it won't be able to break the current S/R zone, then I'll plan my short position on this trade.

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What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

thnx for sharing ... here is my point of view
+1 Reply
FXtrades-gp MMFXSignals
@MMFXSignals, that's really interesting as well, very good and good luck! :)
Reply
Nice setup friend ++++++++++++++++++
+1 Reply
@FOREXN1, I always appreciate it! :)
Reply
You are on the mark, I support you.
+1 Reply
@abel11, thanks so much abel! :)
Reply
well done!
+1 Reply
@Karzon, many thanks! I appreciate ur support! :)
Reply
same view still waitng fr retest
+1 Reply
FXtrades-gp SamkeloSibiyaMenzi
@SamkeloSibiyaMenzi, Hopefully we'll get it soon!:)
Reply
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