USDJPY, 4hr tf, sell on area of confluence resistance
Hello my friends,
As you can see, USDJPY just rally for 100 pips in the last 2 days.
In my opinion, this rally will be short lived as long as price below 103.70 on daily and 4hr tf basis.
We could see further upside if price managed to closed above 103.70 on the daily tf.
So as long as price below it, we will only sell on every rise (SOER).
As you can see 103.70 is an important level because it previously served as horizontal support.
Now that price already broken below it, this level will now become a resistance.
Right now the 4hr tf EMA-200 also located at 103.70 area so we could say this is an area of confluence.
I provide 2 trading plan where you could set your take profit.
Feel free to choose either one.
Sell USDJPY 103.70
Stop loss 104.00
Take profit 1 at 102.60 (3.6R)
Take profit 2 at 101.20 (8.3R)
Use only 1-2% risk
Good luck
As you can see, USDJPY just rally for 100 pips in the last 2 days.
In my opinion, this rally will be short lived as long as price below 103.70 on daily and 4hr tf basis.
We could see further upside if price managed to closed above 103.70 on the daily tf.
So as long as price below it, we will only sell on every rise (SOER).
As you can see 103.70 is an important level because it previously served as horizontal support.
Now that price already broken below it, this level will now become a resistance.
Right now the 4hr tf EMA-200 also located at 103.70 area so we could say this is an area of confluence.
I provide 2 trading plan where you could set your take profit.
Feel free to choose either one.
Sell USDJPY 103.70
Stop loss 104.00
Take profit 1 at 102.60 (3.6R)
Take profit 2 at 101.20 (8.3R)
Use only 1-2% risk
Good luck