Get started
U.S. Dollar / Japanese Yen
Short
Updated

USDJPY H4

444
Price is approaching the previous resistance zone, looking left has also acted as a clear & strong area of support & resistance in the past providing good opportunities. I am watching this key zone which aligns with the 38.2 fibonacci retracement of the previous impulsive move. From this key region, I am watching for price to resume the overall downtrend for a new potential lower low in the weeks ahead.
Note
snapshot Scenario 2 on lower timeframe: Only after powerful breakout will be looking for pullback to create new structure & move higher. But my initial bias still remains bearish. We must wait to see how price reacts from the major region
Note
snapshot First target for 100 pips. Price rejecting support here, could move higher above this region
Trade closed: target reached
Profound_Ambition
Supply and DemandSupport and ResistanceTrend AnalysisUSDJPY

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.
Supply and DemandSupport and ResistanceTrend AnalysisUSDJPY
Profound_Ambition

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.