USDJPY Warming up for a stop run and then DUMP
The Samurai are planning a surprise attack on Dixie.
So we have:
- A few highs resting just below a significant breaker (or just plain broken support that should now be resistance), creating a liquidity pool just above them (everyone who went short around this level now probably has their stops above that high.
- Void left by the inefficient move down
- Confluence with DXY since it broke some lows recently, making it more bearish .
- The breaker I outlined above falls right on the .705 fib retracement for this whole move.
This makes it a perfect candidate for a short play once it reaches that .705 level.
I can see two targets here with decent R/R ratios, marked on the chart.
Original idea by Svarog https://www.tradingview.com/chart/USDJPY/pjAhiZxC-USDJPY-Warming-up-for-a-stop-run-and-then-DUMP/
So we have:
- A few highs resting just below a significant breaker (or just plain broken support that should now be resistance), creating a liquidity pool just above them (everyone who went short around this level now probably has their stops above that high.
- Void left by the inefficient move down
- Confluence with DXY since it broke some lows recently, making it more bearish .
- The breaker I outlined above falls right on the .705 fib retracement for this whole move.
This makes it a perfect candidate for a short play once it reaches that .705 level.
I can see two targets here with decent R/R ratios, marked on the chart.
Original idea by Svarog https://www.tradingview.com/chart/USDJPY/pjAhiZxC-USDJPY-Warming-up-for-a-stop-run-and-then-DUMP/
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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.