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U.S. Dollar / Japanese Yen
Updated

USDJPY on 4 Hour

224
Price has reached a key area of resistance looking left, where a powerful movement has previously occured. Price has formed 2 rejections at the zone currently, displaying a spinning top indecision candlestick, and is currently in a consolidation triangle on the lower timeframe. Looking for one last rejection to occur at resistance for a high Reward / Risk ratio setup, or a breakdown of the triangle pattern on the lower timeframe for confirmation that sellers are ready to push price lower again.
Note
snapshot Hourly: Currently sitting on the lower boundary trendline of the triangle
Trade active
Solid breakout of the triangle to the downside has occured, and a 4 hour red candle breakout as well. This looks very valid for a downside movement.
Note
snapshot Setup is valid in the sell zone. If price makes a break back above the zone and closes back in the triangle setup will be invalidated, and the next area of interest would be the 4 hour resistance zone. But as of current price action, this looks like a valid breakout and below this box region a move lower can occur.
Note
snapshot Price moved through target 1 and is floating 55 pips in profit currently headed towards target 2.
Note
snapshot 4 Hour shift of momentum is looking heavy on the bearish momentum after the pattern breakout
Note
snapshot TP2 secured, +65 pips. 3:1 Reward to Risk setup
Profound_Ambition
Supply and DemandSupport and ResistanceTrend Analysis

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Supply and DemandSupport and ResistanceTrend Analysis
Profound_Ambition

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.