Dollar Yen Prepares to go Short
Simplicity is always the best policy.
Earlier this week the Dollar Yen Pair has been bounce off the previous support level @ 104.34.
The pair has come to a point of challenging the first resistance - the 20 EMA AND also at a mini resistant level at 105.40
Also we can note the RSI was at the level of > 90 (indicating a potential oversold condition)
If the pair dint close above today's high;
Short position would be suggested.
Conservative traders can wait for a "confirmation signals" - usually the end of the next candle and if that candle did not close above previous day high. It validates the trade and can enter for a short position.
Stop Loss level wound be suggested at today's high or previous swing high.
Earlier this week the Dollar Yen Pair has been bounce off the previous support level @ 104.34.
The pair has come to a point of challenging the first resistance - the 20 EMA AND also at a mini resistant level at 105.40
Also we can note the RSI was at the level of > 90 (indicating a potential oversold condition)
If the pair dint close above today's high;
Short position would be suggested.
Conservative traders can wait for a "confirmation signals" - usually the end of the next candle and if that candle did not close above previous day high. It validates the trade and can enter for a short position.
Stop Loss level wound be suggested at today's high or previous swing high.
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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.
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.