A successful trade accomplished, we hit our target on 1:3 RR at the 2nd push under level 1 .
- we now await more price action, we are now currently looking for a pullback to key areas of resistance for us to get another entry opportunity to complete the 3 push cycle.
🔸4H CHART EXPLANATION:
🔸Price bounced at the Support Zone and started a nice bulish move, however, it couldn't surpass the Resistance Zone.
🔸Instead, it has been rejected, and now it is breaking the Ascending Trendline of the current structure.
🔸If the breakout is confirmed and price consolidates below, we may see a bearish move towards the Support...
USDJPY has double top and second top is not overwritten first one. So, USA fundamental backgrouns is still weak so here is goo risk-reward opportunity to sell.
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USDJPY is approaching our first support at 105.82 (horizontal pullback support, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong bounce might occur at this level pushing price up to our major resistance at 107.02 (horizontal swing high resistance, 23.6% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our support at 5%, in line with...
Price is in a downwards channel and has slipped under old support, it has tried to pass this area (111.687) twice now and has failed to do so. This could be a very nice short opportunity.
Entry - 110.870
TP 1 - 110.460
TP 2 - 109.762
TP 3 - 109.292
TP 4 (Target) - 108.739
Firstly, keep in mind that this plan is set apart from Trump's inauguration tomorrow!
1. Short scenario:
* 2 Targets.
* About 225 Pips.
* About 4 days execution.
2. Long scenario:
*About 130 Pips.
*** DO NOT enter now. You need to watch and catch the chance if requirements on the chart are met.