1οΈβ£Clear Downtrend since July-2020 2οΈβ£ 104.00 Acted as dynamic support and resistance 3οΈβ£ Risk off mode and Rising of virus infections, US 2020 election 4οΈβ£ 105.00 Key psychological resistance 5οΈβ£ Price Movement within the broader Downtrend channel 6οΈβ£Counter trend line will act as resistance 7οΈβ£ Technical support - Bear 8οΈβ£ Short term bullish movement towards 105.500 9οΈβ£ October high Immediate resistance π DXY-awaiting US election results - Currently neutral for USDPY #οΈβ£ Overall bearish trend
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π Technical bias-H4-Bearish
Below 200 Exponential moving average 200EMA acting as immediate support - Bearish trend Possible entry point-105.500 Relative strength index - Around 60 well above the neutral area MACD- Is still above the line and about to cross the line and the histogram is fading ,Oscillators are still upward Stochastic -at 75 Which is over bought territory and bearish divergence has formed in H4 Ichimoku cloud -cloud is red-Cloud Support-Bear Bollinger band- Price is around higher band-Middle band will acting as dynamic support/resistance
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Key reversal area's 104.00 Key psychological level 106.150 October month high 105.500 Dynamic support and resistance 105 Key psychological level-Major key reversal area 103.00 Lower trend line reversal area 105.500 Possible entry- Bearish 105.500 Break and retest around this area-Alternative entry-Bullish
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Bearish entry #USDJPY
Entry price - 105.500
Take profit 01 - 104.800 (70 pips) Take profit 02 - 104.100 (140 pips) Take profit 03 - 103.100 (240 pips)
π« Stop lose 105.940 (45 pips)
Alternative bearish entry-105.700 ( Break and retest )