Potential short setup on the 1H time frame, we have had a 61.8 fibonacci retracement and are now set for a counter trend line break, if we see a break below this trend line i will be looking to go short.
The Dollar has made new highs and with 2017 being a potential year for more rate hikes there are really no sign to not long the Dollar. I believe the dollar will make its way to test the trendline on the weekyl/monthly time frame. I would wait for a pull back into previous resistance/now support to enter long.
Potential for a nice short trade of 200 pips or more from this setup. Just broke out of the daily corrective structure to the downside. Now in a period of consolidation and moving sideways in the market. Will be looking for a break of the consolidation on the lower time frames to get an entry on this one.
Let me know what you think.
Im going against the rally of the dollar and bullish bias of this pair looking for a nice retracement short. Rejection on and break back into the previous longer trendline Also we have a BB% trend break wich validates this idea.
Adjusted long entry after we didn't see the break of the 61.8% fibonacci as shown on previous post. Will now be looking to enter long on the rejection of the TL.
Let me know your thoughts.... breakout or reversal?
USDJPy has pushed through horizontal level @ 109.68 to now test strong daily trend line currently seeing indecision.
if price can break below 109.85 showing strong continuation... looking to take short a position with stops at previous 8 hour candle high 110.48
1:2 targets
