USDJPY Short Position,
Updated
Hello Fellow Traders
Here we have a USDJPY Short trade idea.
please support if you agree with the idea!
Technical Analysis:
We can see USDJPY creating Lower Highs and Lower Lows + The price is exactly at the Resistance that it should bounce down from!
Yellow lines represent major SNR zones and I have made TP1 & TP2 & TP3 all according to the SNR zones!
We can also see the same price on the chart being repeated while it is going down on the Awesome Oscillator!
Not to mention that the United States Dollar weakness can be seen as price has hit resistance on its bull run. On the DXY chart below we can see price has hit our structure level and trendline. Comparing this to reversal patterns we can see a possible shooting star forming which is a clear reversal indicator. + the inflation that we all know about
And The Japanese Yen has been gaining some strength recently technically and fundamentally. Technically we can see other JPY pairs at their trendline locations for example NZDJPY
Fundamental Analysis:
According to NIKKEI media, Japan is planning an economic stimulus package worth more than 40 trillion yen.
Overall
Our analysis tells us this pair should push downwards. As we have matched 2 pairs which are moving in opposite directions we should expect some impulses or sudden movements in price action as both pairs factors will push this down further.
If you want to improve your trading, follow me on Twitter!
Trade with caution and make sure you set your stop losses & do not forget Risk Management!
Best of luck!
Here we have a USDJPY Short trade idea.
please support if you agree with the idea!
Technical Analysis:
We can see USDJPY creating Lower Highs and Lower Lows + The price is exactly at the Resistance that it should bounce down from!
Yellow lines represent major SNR zones and I have made TP1 & TP2 & TP3 all according to the SNR zones!
We can also see the same price on the chart being repeated while it is going down on the Awesome Oscillator!
Not to mention that the United States Dollar weakness can be seen as price has hit resistance on its bull run. On the DXY chart below we can see price has hit our structure level and trendline. Comparing this to reversal patterns we can see a possible shooting star forming which is a clear reversal indicator. + the inflation that we all know about
And The Japanese Yen has been gaining some strength recently technically and fundamentally. Technically we can see other JPY pairs at their trendline locations for example NZDJPY
Fundamental Analysis:
According to NIKKEI media, Japan is planning an economic stimulus package worth more than 40 trillion yen.
Overall
Our analysis tells us this pair should push downwards. As we have matched 2 pairs which are moving in opposite directions we should expect some impulses or sudden movements in price action as both pairs factors will push this down further.
If you want to improve your trading, follow me on Twitter!
Trade with caution and make sure you set your stop losses & do not forget Risk Management!
Best of luck!
Note
We hit SL due to news. then TP1 and TP2
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