gdf_fx
Short

USD/JPY 4hr double top

FX:USDJPY   U.S. Dollar/Japanese Yen
60 1 2
Noticed a double top on the daily and came down to the 4 hour to analyse it.

I expect more bearish price action on this pair despite the japanese recession as the USD bulls look to be losing steam across the majors.

Most people are taught to short when price breaks the neckline which is drawn by a trendline here at 122.188

I have noticed price almost always bounces up here significantly to suck in more weak shorts and create liquidity for the bigger move.

I expect to see price hit the neckline. Maybe pierce it but then retrace back to roughly the middle at 122.894

From here I expect a sharp sell off towards lower order blocks which I have targeted.
Trade closed manually: shorts were closed and longs entered scalping through the day. called the big dollar push perfectly sunday night and it manifested the next day in the market in a big rally. I'm learning to be flexible with my bias and not force my will on the market.
fundamentals are causing me to doubt the expectancy of target 1 and 2 but at the time of writing good jpy retail sales tonight could see the current key level drawn hold again.

The week ahead is key for the dollar. Dec NFP could be crucial to US Hike bets likelihood. If the numbers are negative all bets are off imo, if its positive we will see how strong the dollar is. Keep an eye on USDX (DXY) Been pushing higher and selling off then pushing higher. New highs? I feel like an explosion is coming in the markets.


ALL OPINION. NOT ADVICE
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