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U.S. Dollar / Japanese Yen
Short
Updated

USDJPY H4

253
Price is following a downtrend making lower lows & highs. Price has pulled back to the 50 fibonacci retracement, along with retesting previous higher timeframe support as resistance creating a lower high. A head on shoulders formation is being formed here, & a breakout of the neckline to the downside may provide good selling opportunities for price to make a new potential lower low next.
Note
snapshot Weekly Timeframe: Break & retest / multiple rejection candles testing previous key support as resistance, & price can make its way towards the long term descending trend line & key zone below.
Profound_Ambition
Supply and DemandSupport and ResistanceTrend AnalysisUSDJPY

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Supply and DemandSupport and ResistanceTrend AnalysisUSDJPY
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.