Dowtrend line and 61.8 fibo level was rejected.
Aditional, an engulfing bearish candle confirmation was appear.
Target: Next support.
SL: Just above latest higher high price.
Keep it simple.
Expecting further downside on USDJPY - anticipating a reversal from the zone highlighted.
We may see a push up to meet the descending trendline/a rejection from the 200 EMA first - I will be monitoring this closely over the NY session.
A nice 200 pip drop to the July low could be achieved if this plays out to my expectations!
Hello traders, after having news from OPEC+ and US inventory that pushes the price up, you might want to watch this breakout or rejection of the resistance level for long or short opportunity, as always, we wait for confirmation to open position.
As we can see the 109.7 level is a very significant one so far, the price keeps getting strongly rejected from that level, already multiple times.
Also the 108-107.7 area is a very significant one above it i am bullish/below it i am bearish after the strong rejection from 109.7 we did not hold 108-107.7 area as support and we went below it, retested it and we got...
This is a full breakdown of my perception of price action on higher time frames! I take my entries using smaller time frame confirmation and you should, too. If you have any questions about this trade or my strategies feel free to ask them in the comment section below!
Let’s make some money together!