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forexwithfred

USD/JPY - Supply Zone Drop Off!

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
forexwithfred  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators USDJPY usdjpyidea usdjpyshort USD SELL jpy Supply Zone
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trendanalysis chartpattern indicator usdjpy usdjpyidea usdjpyshort usd sell jpy supplyzone
Trade Suggestion
  • Overall trend is bearish, giving more indication on high probability sell off opportunities

  • JXY index (Japanese Yen) is showing bullish strength for the currency

  • DXY index (US Dollar) is showing bearish weakness for currency

Technical Analysis:
  • Price has reached previously tested supply drop after bullish surge and breakout over consolidation area

  • Overall trend is bearish as 50 EMA is above price acting as resistance on D1 Timeframe

  • Supply zone is aligning with 50.0 fib level, adding bearish confluence to my short analysis
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