The USDJPY is testing a multi-year trend line from the 2015 high.
The level connects with the February 2020 high, which preceded the March decline that sent the USDJPY 1,000 pips lower.
As you can see, the market is challenging the resistance level today just above the 109.00 handle.
Whether you see today’s retest as a selling opportunity or an upcoming bullish...
During this mark up, I will be providing you with a visual break down of my prediction of USDJPY! Before you take a look at this mark up, please be sure to understand that everything is color coordinated to make it easier for you to understand my prediction and perspectives of the market.
Listed below are the steps to my prediction…
1. Yellow Trend Line =...
usdjpy shorts, reason being is we had multiple confluences to take this trade:
.over extended in the daily
.expect a pullback to previous point of structure
.h4 break of structure
.h4 entry signal in the form of an evening star
we then set a sell limit for 50% of the evening star and was wicked in to go straight into profit
The bullish momentum can't end here, we need to tackle some of the higher liquidity pools before we can consider a reversal.
I expect the price to pull back into the order block region marked before continuing to the upside.
As you can see price is moving up within an ascending channel. It has reached to its highest level now and for continuing to go up it needs a correction. So bearish movement is technically possible
Confluence:
1: Price is trending bullish on the daily time frame making new highs and higher lows.
2: Price Broke out and closed above previous weeks high on the daily time frame.
Entry:
Wait for price to come and test the area around the lows of the current week, creating a Higher low before continuing to the target of 108.500.
I believe this area could provide for a solid retracement back into the key level marked.
Whatever goes up must come down. This pair should follow my arrow marked.
