Possible USD/JPY shorting opportunity soon! On Friday we saw a huge bearish daily candle close which engulfed 10 days worth of previous price action. This added to the fact that price was at a key weekly resistance level which it failed to break and close above, meaning that we are likely to see some more downside. We have also seen an impulsive break of 4 Hr higher low and structure point from which an ascending correction looks to be forming currently. This is in line with the YEN index as we can see similar price action there also. Price is currently at a support turned resistance level at the minute and we may very well see price push down from here. However, if we break this level then the next place i will be looking for price to come into is the 61.8% Fib retracement and psychological level as marked. If we see strong bearish price action from this point then i will be looking to sell to target the weekly key level in the region of 112.00.
Feel free to leave any comments about the idea!
These are just my trade ideas and in no way investment advice :)
Feel free to leave any comments about the idea!
These are just my trade ideas and in no way investment advice :)
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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.