I am demo trading and documenting my progress. This is not intended to be a Buy signal !
Ascending Trendline Structure on 4H
Possible Swing prediction on 4H with SL set at H4 Minor S/R
Buy - Current Market Price
SL - 110.750
TP - 112.500
This pair looks like there may be a possible short opportunity incoming.
If you were to look at the daily chart, you can see that price had rejected the 112.000 price level 3 times.
Here on this 4HR chart, looks like we are currently in a ascending triangle along with what looks like a double top formed inside the triangle.
If price breaks down of the triangle, I...
So with USD/JPY right now we will be focusing on the key level 108. If we can stay above this a retest of 109 and higher is possible. Although I feel its more likely that we will fall under 108 to the 106-107 region. Keep an eye out and wait for either a 2 hour candle to close below 108. or a 2 hour candle to close above the trend line, be cautious for fake outs!
Next up we have USD/JPY after the recent flash crash I feel like we should let the market chill out a bit and sit on our hands. I personally feel a 109 retest is coming soon and we can capitalize on a potential bounce or break set up. If we break the descending trend line 110 will be met rather quickly. If we bounce off the descending trend line my next downside...
After hitting our targets absoluty perfectly last trade we can now see a turn around. I expect we will be back at the Resistance level of 113.650 by Friday.
Entry: 112.300 (I already entered)
After hitting the Resistance level of 113,650 a few times without a good breakout we could see a drop to the first Support level of 113,200. If that level won't hold we could see a further drop to around 112,600. Our last target is 112,275.
Goodluck and follow me for more analysis!
The next few hours are very important for USD/JPY. We could either see a retest of the Resistance level of 113.200, or we could see a retest of the Support level 112.650.
I'm currently not trading this pair, I'm waiting for a move to the Support or Resistance level.
Goodluck trading and follow me for more analysis!