1• As you can see USD/JPY is on high value area for sell with forming a double top .
2• And at smaller 1hr time frame shows a risk entry by breaking the high and getting people caught on the wrong side of the market and then moving downside.
3• Enter The trade with 20 pips stop loss.
So looking a great trade overall 🤠.
Are you short on USD/JPY ?
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The full description is drawn on the chart 📈📉
Risk Management and Insurance: * Always risk 1% per trade, no more!
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Plan: wait for the price to bounce off from trendline or support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY
**Disclaimer** the content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions.
As I said in the last weeks ... UJ went up as I said last weeks and approached the trend line and rejected from the area 109,800 where there is a very strong resistance!
.... even if maybe it will go up 30-40 pips UJ will reject from the trend line and will go down to the 107.800 area or even 106.800 from where ... UP AGAIN!
THIS WEEK...as I said last week, UJ...
We experienced a 125pips move since my publication on this pair last week (see link below for reference purposes) and it appears that the correction of the Impulse leg is done as I anticipate another rally in the coming week.
Even has the Greenback fell during the trading session on Friday, but the structure evolving at the Demand zone reveals signs of life again...
With over 500pips run since my last publication on this pair ( see link below for reference purposes); the Bullish momentum appears to be very strong considering the significant Breakout of the Supply zone on the 29th of May 2021. The Greenback continued to push higher as the price hangs just above the Y109.000 level. In this regard, I shall be looking forward to...
Welcome to our Trade Setups - June 08th ( USDJPY ) !
ENTRY LEVEL @ 109.514
SL @ 109.117
TP @ 110.307
Max Risk: 1% - 3%!
Risk/Reward Ratio: 2
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