U.S. Dollar / Japanese YenUpdated USDJPY Trade Idea
In yesterday's analysis, I expected UJ to continue its rally towards 105.550 key resistance zone, which was exactly what the market performed. Do check out my previous UJ post (4th Feb) on how do I catch a 250+ pips reversal since 6th Jan by identifying a momentum shift & reverse psychology. In today's trading session, I will be favoring short-term mean reversion (Bearish) setups, due to the current extreme over-extended condition and people chasing them. I will be dropping down to the 1h & 15m charts to spot any double top reversal pattern that could signal short-term bearish momentum in UJ with 104.70 as the initial target. However, if the bullish momentum persists breaking above 105.75 resistance zone, that could expose 106.00 as the next resistance zone.
Do not forget the overall trend on the higher timeframe remains bearish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Do not forget the overall trend on the higher timeframe remains bearish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.