USDJPY 4H chart
Price is below 14 EMA, so we observe downtrend in price action. In this case by breaking the trendline below, we can see price movement towards the monthly pivot of October.
There is even a missed weekly pivot at 110.090 for second TP
But be careful. The daily chart is above the 14 EMA and needs to cross to reach the monthly pivot.
Sell below 112.65. Stop loss at 113.45. Take profit at 110.90.
Reason for the trading strategy (technically):
Price is forming a wedge formation and only a break of this formation would trigger a bearish move. We look to sell once again on break of key support at 112.65 (overlap support, wedge support) for a drop towards 110.90 support (Fibonacci retracement,...
Possible usdjpy swing entry
USDJPY is sitting on weekly trendline which it has respected in the past and bounced off a couple times I'm expecting a rejection of the trendline and further bearish movement
Pending Short @ 112.80
Stop Loss @ 113.40
Targets @ 111.40 & 111.00
RR Ratio @ 2.33 & 3.0
Trading involves substantial risk of loss. I'm just providing insight into what trades I'm taking.
Sell below 112.65. Stop loss at 113.45. Take profit at 110.90.
Reason for the trading strategy (technically):
Price has broken our triangle formation making a bearish exit. We look to sell once again on the break of our triangle formation and break of key support at 112.65 (overlap support, triangle support) for a drop towards 110.90 support (Fibonacci...
USD/JPY fails to hold major trendline breakout, scope for downside on bearish divergence.
US ADP report on private sector employment, followed by ISM non-manufacturing PMI will be closely watched for further impetus.
Fedspeaks will also be watched for fresh insights on the US interest rates outlook. A more constructive outlook on the Fed's tightening path will...
Sell below 112.65. Stop loss at 113.45. Take profit at 110.90.
Reason for the trading strategy (technically):
Price has been hovering around our resistance area and forming a very nice reversal pattern. We look to sell on the break of our triangle formation and break of key support at 112.65 (overlap support, triangle support) for a drop towards 110.90 support...
Sell below 112.65. Stop loss at 113.45. Take profit at 110.90.
Reason for the trading strategy (technically):
We remain bearish looking to sell below 112.65 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a further drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish...
From a technical standpoint, I’m only concerned with where each session closes at 5 pm EST. Trading anything else would open the door to false breaks. Look no further than last week’s failed intraday breakouts above trend line resistance.
It’s going to take a daily close (5 pm EST) above 113.15 resistance to extend the current rally. Such a break would expose the...
Sell below 112.65. Stop loss at 113.45. Take profit at 110.90.
Reason for the trading strategy (technically):
We remain bearish looking to sell below 112.65 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a further drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish...
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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