USD/JPY Short
Happy New Year fellow traders, I hope this year we all overcome any obstacles that stand on our way to success!
~Okay now back to the markets and spesifically on the USDJPY pair. My last analysis for USDJPY we identified a shorting opportunity using just a trend line, support and resistance areas and the fib retracement tool and as we can see price has dropped all the way down to the start of the bullish trend line that was created a few days ago. During this drop, price hesitated a couple times at the 103.290 key area that is currently serving as a resistance area. As of now we would only enter for a short position if a bearish confirmation (bearish harami, evening star etc.) was formed on the 4h chart and we would target the 102.400 area of the fib retracement while having a good risk to reward ratio. We should also remember that in the fx market anything can have an inluence on price so be carefull with the timing of your entry!~
My last analysis on USDJPY is in the description if you want further info on this trade :)
~Okay now back to the markets and spesifically on the USDJPY pair. My last analysis for USDJPY we identified a shorting opportunity using just a trend line, support and resistance areas and the fib retracement tool and as we can see price has dropped all the way down to the start of the bullish trend line that was created a few days ago. During this drop, price hesitated a couple times at the 103.290 key area that is currently serving as a resistance area. As of now we would only enter for a short position if a bearish confirmation (bearish harami, evening star etc.) was formed on the 4h chart and we would target the 102.400 area of the fib retracement while having a good risk to reward ratio. We should also remember that in the fx market anything can have an inluence on price so be carefull with the timing of your entry!~
My last analysis on USDJPY is in the description if you want further info on this trade :)
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