Looking for trend continuation USDJPY – the week of 06 Feb
The USD had a massive recovery on Fri, it made up all the losses of the previous 8 trading days. But price is now within a major s/r zone located near the 131.50 level. Price is below the 200 and 50 dma, the slope of the 50 sma is to the down side and I retain my bearish bias on this pair. The previous high has also not been broken.
I am looking for some signs that the downtrend is resuming and will go short if I see that happening. I will monitor PA on H4 chart and look for a double top/engulfing candle/a break of a trendline that may form or a bounce off the 50 EMA as factors of confluence to my bias. Initial target can be at 127.70 that could be extended if price action indicates that.
Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
I am looking for some signs that the downtrend is resuming and will go short if I see that happening. I will monitor PA on H4 chart and look for a double top/engulfing candle/a break of a trendline that may form or a bounce off the 50 EMA as factors of confluence to my bias. Initial target can be at 127.70 that could be extended if price action indicates that.
Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!