USD/JPY back in a strong resistance zone - SHORT from 151.90
I'm SHORT USD/JPY for the following reasons:
a). Price is back at a confirmed area of resistance last hit on 3rd April and 27th March
b). The Andean Oscillator on 15m time frame has seen a rise of the red SELL line and is now reading .0082 having been at .0027 previous candle and .0010 candle before that having been reading zero for several bars.
c). Andean Oscillator has just signalled a BUY trade on EUR/USD, GBP/USD suggesting the USD is losing support.
d). Andean Oscillator is suggesting a SELL on USD/CAD confirming that the USD is coming under SELLING pressure.
e). Price has broken the 20 EMA on 15M and is pushing through the 50 EMA
f). MACD is signalling SELL as the fast MA has croseed south under the slow MA.
g). RSI has been decling for the last 4 bars having reached the resistance zone.
Taken all together this looks a decent SELL trade though we do not have as many confirmations as we would like but as there's a natural STOP just above the recent high and this STOP is just 10 pips above our entry then the reward for this trade should the selling pressure on USD increase is potentially very good as our initial target would be WPP mid pivot/200 EMA at 151.48.
There is an absense of news this week until Wednesday when US CPI numbers are printed so the market will drive the price over the next several sessions.
a). Price is back at a confirmed area of resistance last hit on 3rd April and 27th March
b). The Andean Oscillator on 15m time frame has seen a rise of the red SELL line and is now reading .0082 having been at .0027 previous candle and .0010 candle before that having been reading zero for several bars.
c). Andean Oscillator has just signalled a BUY trade on EUR/USD, GBP/USD suggesting the USD is losing support.
d). Andean Oscillator is suggesting a SELL on USD/CAD confirming that the USD is coming under SELLING pressure.
e). Price has broken the 20 EMA on 15M and is pushing through the 50 EMA
f). MACD is signalling SELL as the fast MA has croseed south under the slow MA.
g). RSI has been decling for the last 4 bars having reached the resistance zone.
Taken all together this looks a decent SELL trade though we do not have as many confirmations as we would like but as there's a natural STOP just above the recent high and this STOP is just 10 pips above our entry then the reward for this trade should the selling pressure on USD increase is potentially very good as our initial target would be WPP mid pivot/200 EMA at 151.48.
There is an absense of news this week until Wednesday when US CPI numbers are printed so the market will drive the price over the next several sessions.