Hello and welcome to my Trade Idea of the currency pair USD/JPY.
Lets start with the Top Down Analysis.
Monthly: There's a huge bearish candle this month.
Weekly: The weekly timeframe is in a downtrend too. We see that the market has been reacting to a certain level over the last 4 weeks and is therefore withdraw again.
Daily: We see on the daily timeframe a consolidation and therefore possibilities for an entry are there.
H4: We draw on the h4 timeframe the strong resistance area and the counter trendline. We wait for a confirmed breakout.
Have a nice day.
Lets start with the Top Down Analysis.
Monthly: There's a huge bearish candle this month.
Weekly: The weekly timeframe is in a downtrend too. We see that the market has been reacting to a certain level over the last 4 weeks and is therefore withdraw again.
Daily: We see on the daily timeframe a consolidation and therefore possibilities for an entry are there.
H4: We draw on the h4 timeframe the strong resistance area and the counter trendline. We wait for a confirmed breakout.
Have a nice day.