USDJPY Swing High| Local S/R| Price Action| Trend
Evening Traders,
Todays analysis – USDJPY- trading at a key high where a rejection is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(.618 Fibonacci Confluence)
- Daily S/R Resistance
USDJPY’s immediate Price Action is impulsive towards a swing high and a Daily S/R, this increases the probability of a rejection.
The current objective is the .618 Fibonacci that is in confluence with the Local S/R Zone, a bounce here is probable.
overall, in my opinion, USDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Todays analysis – USDJPY- trading at a key high where a rejection is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(.618 Fibonacci Confluence)
- Daily S/R Resistance
USDJPY’s immediate Price Action is impulsive towards a swing high and a Daily S/R, this increases the probability of a rejection.
The current objective is the .618 Fibonacci that is in confluence with the Local S/R Zone, a bounce here is probable.
overall, in my opinion, USDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
Follow me on Twitter! twitter.com/pinkdawn__
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