Pattern: Pull back on 1D.
Signal: Bearish (1) short term to -2.79% from top. Bearish (2) long term if -3.41% from top breaks.
Target: TP(1) 109.090, TP (2) 104.800.
Successful previous break out from the Triangle:
Pattern: Triangle on 4H.
Signal and Targets: Bearish if the Triangle breaks downwards (TP 110.245), Bullish if it breaks upwards (TP 112.500).
*Note: First time on 1D that the pattern makers Lower Highs instead of Lower Lows. This enhances the potential of a bearish break-out.
We sold this position for a target of +50pips and exited early at +35pips after we found strong resistance on the 4-hour EMA50.
Lower timeframes suggests a sharp pullback and as we look back over the charts we can see the EMA50 has historically provided a solid ground for dynamic support & resistance.
With this in mind and the higher timeframes being overall...
It looks like price has run out of steam at a strong resistance level and will start to pull back. We've got bearish divergence on multiple indicators.
I do believe monthly + weekly outlook is bullish but we have an opportunity to take 50+ pips from the market here with a tight stop.
Daily timeframe upper resistance of channel has been touched:...
On the chart you can see we are now in a strong supply zone, we aspect a sell to the demand zone. Market makers will create a stop hunt in the london session , when the stop hunt is created we are going to sell USDJPY.
If you want to see our stop loss and take profit levels? Check our free telegram group with signals and trade set-ups: t.me
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!
Confluences for Trade:
- Bullish candle formations
- Stochastic moving out of Oversold conditions
- Price action bounced off Strong Support (since March '18)
- Fundamentally, we are taking opportunity on the reversal of the algorithm trading crash and with FED's hike projection becomes unlikely, the funding currency of the...
Hello everyone, looks like USDJPY pair is at a crucial level. Will we continue to reject the resistance trendline and move to the support trendline? Or will we break right through and make a move to the upside? Both situations are very probable but I'm leaning toward a weaker USD and we move to our downside targets. Lets see how this plays out. It will be fun!!