USDJPY / D / Technical Analysis

FX:USDJPY   U.S. Dollar / Japanese Yen
Following the bull trend from Couple of weeks Market has now reached a strong resistance level where we can analyze techincally that market can correct from this strong Resistance level and reverse
We have different confirmations to take this trade
1-RSI overbought on Daily
2-Engulfing on H4
3-Strong resistance level
4-RSI overbought on H4
We can short now with stops above swing high,, With short stoploss we have good probability of reaching multiple targets on this one,,
Multiple targets will be taken on next daily support levels which are mentioned
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Trade Green
Oct 01
Comment: OVerbought on H4
Oct 09
Trade closed: target reached
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Like & comment if you agree with our Analysis
I would say it needs to hit a second resistance level or even a third before it breaks the uptrend. 111.473 is Ideal for a sell limit.
+1 Reply
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FxTicks HosseinShokri
@HosseinShokri, welcome
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