UJ sell idea
Ahead of Friday's expected BOJ rate hike (0.25% to 0.50%), USDJPY is at a critical juncture.
Technical Insights:
1. Price found support on the 50-day moving average.
2. Lower time frames indicate a bearish bias, following the break of the ascending trend line on the 4-hour chart.
Trade Plan:
1. Waiting for price reaction between the 50% and 78.6% Fibonacci retracement levels.
2. Aiming to sell on a confirmed bearish setup within this zone.
3. Alternative sell opportunity: Daily supply zone.
Key Levels to Watch:
- 50% and 78.6% Fibonacci retracement levels
- Daily supply zone
PS: This analysis is for educational purposes only and should not be considered financial advice so remember to always practice good risk management.
Technical Insights:
1. Price found support on the 50-day moving average.
2. Lower time frames indicate a bearish bias, following the break of the ascending trend line on the 4-hour chart.
Trade Plan:
1. Waiting for price reaction between the 50% and 78.6% Fibonacci retracement levels.
2. Aiming to sell on a confirmed bearish setup within this zone.
3. Alternative sell opportunity: Daily supply zone.
Key Levels to Watch:
- 50% and 78.6% Fibonacci retracement levels
- Daily supply zone
PS: This analysis is for educational purposes only and should not be considered financial advice so remember to always practice good risk management.
Trade active
Note
Trade Update:
I am locking in partial profits here and adjusting risk management:
- Taking some profit off the table and move stop loss to break even
Securing a risk-free trade while still riding the potential downtrend
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