Get started
theforexarmy

USDJPY at major resistance, prepare to sell

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
theforexarmy  
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY usdjpyshort usdjpyidea usdjpydaily usdjpynews usdjpylong USD jpy usdjpyanalysis usdjpy1hr usdjpylongsetup usdjpysell usdjpybuy
4
2
usdjpy usdjpyshort usdjpyidea usdjpydaily usdjpynews usdjpylong usd jpy usdjpyanalysis usdjpy1hr usdjpylongsetup usdjpysell usdjpybuy
Sell below 114.25. Stop loss at 114.97. Take profit at 112.90.
Reason for the trading strategy (technically):
Price is testing major resistance at 114.25 (Fibonacci retracement, horizontal resistance) where we expect a reaction from and a drop to at least 112.90 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is seeing major resistance at the 67% level.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.