Price has formed a potential double bottom formation at a key area of support, which aligns with a 3rd touch to the long term ascending trendline. This is a very powerful confluence that price may be getting ready for a move back into 142.000 above this key region here.
Now the direction is down trend but first should stable under 137.48
then our target will be 136.72 , 136.05
what ever if price can stable above 139.14 then the first target will be 140.06
if can break 140.06 then the second target will be 140.83 , 141.66
support line : 137.48 , 136.72 , 136.05
resistance line :139.41 , 140.06 , 140.93
In the four-hour time frame, the yen is moving towards its downward trend line, and also a positive divergence can be seen in the rsi indicator, in case the trend line breaks, it can reach the high targets, and in case of rejection, this area will move up to the range of 131,500. It will descend
After a huge dump that we were looking for it:
now price is near local and weal support zones and if this support hold then we can expect a short-term rise here like the green arrow.
DISCLAIMER: ((trade based on your own decision))
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Bearish Pennant can be observed, and thats why bearish continuation is expected.
Profit booking is done based on the Difference between
highest point and lowest point in the Pennant.
In addition, LH & LL can be observed.
Account Size: 3900
TP1: 138.727 with lot of 0.04
Based on the technical analysis
And the recent minor fundamental news
USDJPY looks bearish to me overall.
I think that market-makers will be pushing the pair down
That is why we are going short!
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NOW price under strong zone 138.15 - 139.41
as long as price trade under it the direction will be down trend ,but right now should break 137.46 to continue down trend
and our target will be 136.77 , 136.05
for any reasons if price reverse and stable above 139.41
the direction will be up trend and our target will be 140.14 , 140.83
support line : 136.77 ,...
Also known as trading the “gopher” the USDJPY pair is one of the most traded pairs in the world. The value of these currencies when compared to each other is affected by the interest rate differential between the Federal Reserve and the Bank of Japan.