SHORT USD/JPY from 153.91Since the open last night USD/JPY has pushed stronlgy higher, so much so that the price has already reached the WR1 weekly pivot.
Its a never ending mystery to me why everyone doesn't use weekly pivots as they are lines of interest on the charts known at the start of the week and when price reaches weekly support (WS1) or weekly resistance (WR1) there's a high chance buerrs ar sellers will be lying in wait.
Usually price hits these pivot levels during the week and its unusual to see the price reached before lunch on Monday (if you're in the UK).
Its not a hard and fast rule that price will always reverse when it hits WR1 or WS1 (we'd all be millionaires if it did) so we need other confirming signs that the price may reverse.
ON this pair:
a). we have a pinbar followed by 3 dogi indecision candles on H1.
b). RSI has been over 70 for the last 6 hours and is beginnign to decline.
c). The fast MA on MACD is weakenig and heading south (we haven't crossed the slow MA so its not certain we are heaed lower
d). The R/R is massive as we can get a STOP on this trade just above the WR1 pivot at 154.05 (14 pips).
e) Target could be anything and will depend on what happens in 40 minutes when get Core Retail Sales, Retail Sales and Empire State numbers but initial target is the 200 EMA on H1 at 152.42 (+149 pips)
e). The green BUY line of the Andean Oscillator has crossed south over the signal line and the red SELL line has risen from zero.
f). The entire structure is an M-Top on the 15m time frame.
With luck I can get this trade at b/e before the news at 13:30.
If the news comes out in green numbers then this trade is doomed but if the print misses then we should see USD/JP decline by 100 pips at least over the next 24 hours.
