Looking at USDJPY now for possible bearish reversal entry opportunities.
We can see price had several attempts in the past to continue lower, but never had enough momentum to continue.
Instead price continue to consolidate within the current correctional structure.
What this development is telling us is that price is simply evolving into a bigger...
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Short and long-term perspectives
Bear Signal - Short Call
Dow - NA (Lower Low formed - Lower high not in place)
Candles - Bear(Bearish Engulfing @ 4Hr)
Trend - Bear (Bullish Trendline Broken) & Double top pattern in place
Support & Resistance - Bear (Price bouncing off from daily resistance levels)
Divergence - Bearish divergence in place
Bulls Vs Bears
04 - 00
USDJPY finally breaks out of a triangle as both SP and US yields rally.
Keep in mind that higher Yields are positive for the currency, while risk-on means depreciation of JPY, especially now when BOJ is not ready to take any action on interest rates. Based on their recent statement, they will most likely maintain stimulus in the next few years.
Calculations of the fluctuations range for the present day are published in this section. That is, at the very beginning of the day, you can determine the maximum and minimum of this day (with a known probability).
What does this information give? In fact, a lot. But first of all, these are guidelines for trade. For example, if during the day the price approaches...
Hello traders, today we have ourselves a lovely USDJPY short.
This trade is currently within 10 pips of entry, I still believe there will be a head & shoulders formation however we may miss our entry on this trade by a minor amount of pips.
Head & Shoulders formation
USD Weakness & JPY Strength creating resistance
Market is moving in bullish in daily timeframe. In shorter timeframe market has broken out of descending trendline and unable to cross strong resistance above. RSI is also at 78 In 4H timeframe. So most probably This pair is going to fell sharply from resistance.
Need confirmation when running candle is close below resistance.
Selling USDJPY at this point will give us a less than 5 to 8pip draw-down giving us the opportunity for a tighter SL and a bigger position size. look at the current price on the 15min time frame and you will see an ascending flag.
Price is reacting below our pivot level at 110.805, in-line with 100% Fibonacci retracement , 127.2% Fibonacci extension and swing high resistance. Price could potentially drop to support at 110.165, in-line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA. Stochastic is also at resistance where previous drops occurred.
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Entry : 110.950
⚠️ Stop Loss :111.260
✅ Take profit : 108.200
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Disclaimer: This is not a signal, this just an analysis for your consideration. Use your own strategy to trade this instrument.
This is a potential short opportunity for USD JPY. My recommended entry point is the 2nd entry point as it is safer. USDJPY must close a 30M/1H candle below the 2nd entry point to activate this trade.