Bearish continuation of USDJPY
PAIR IN FOCUS: USDJPY
ACTION: SHORT
A bearish engulfing candle on the Weekly serves as a Short trigger. Going down to shorter time frames, price seems to pause at my previous TP Zone. Expecting price to retrace higher into Fibonacci retracement + near support/resistance levels, which would also offer a better R:R on this trade. Observe for bearish price action within the entry zone for any short entry, otherwise, do not take this trade.
The Stop Loss is just above the previous double top pattern, and it gives a good 2:1 R:R.
The Entry Zone, TP Zone and Stop Loss have been indicated on the chart.
ACTION: SHORT
A bearish engulfing candle on the Weekly serves as a Short trigger. Going down to shorter time frames, price seems to pause at my previous TP Zone. Expecting price to retrace higher into Fibonacci retracement + near support/resistance levels, which would also offer a better R:R on this trade. Observe for bearish price action within the entry zone for any short entry, otherwise, do not take this trade.
The Stop Loss is just above the previous double top pattern, and it gives a good 2:1 R:R.
The Entry Zone, TP Zone and Stop Loss have been indicated on the chart.
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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.