USDJPY at Confluence zone: Resistance level and supply zone..
Updated
1. Breakout of ascending triangle trigered a move lower of about 680 pips from december 18 2018 to january 3 2019 flash crash. Technically, USDJPY is bearish.
2. Previous support turns resistance by the breakout of the ascending triangle.
3. Recovery of the flash crash of January 3 2019 breached, creating new levels of demand and supply.
4. price currently trading at a confluence zone ie resistance level and supply zone. Current risk of this zone is today NFP and unemployment numbers to be released at 12:30 GMT
ACTION:
We will be looking for bearish price action to go short and targetting the demand zone
Alternatively, a daily close above confluence zone around 112.3 will negate our bearish out look for now and drive prices higher to 114.00
2. Previous support turns resistance by the breakout of the ascending triangle.
3. Recovery of the flash crash of January 3 2019 breached, creating new levels of demand and supply.
4. price currently trading at a confluence zone ie resistance level and supply zone. Current risk of this zone is today NFP and unemployment numbers to be released at 12:30 GMT
ACTION:
We will be looking for bearish price action to go short and targetting the demand zone
Alternatively, a daily close above confluence zone around 112.3 will negate our bearish out look for now and drive prices higher to 114.00
Trade active
price in our zone.... a hammer formation... we have therefore taken a short position 111.913 with a stop loss at 112.480... First target @ 111.00
second target @ 109.862
Trade active
The week end gap down on the pair helped us achieved our first target......next target @ 109.862 LOADING.....=========............
Trade closed: target reached
trade closed...………….. target achievedwaiting for next move
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