USDJPY TRADE IDEA
The USD is currently bullish across the board but we are now getting to major resistance levels, which means we might now be seeing a sell off but
nothing is certain in the markets I came up with my own analysis, actually two scenarios:
1. BULLISH CONTINUATION: for buys to continue to the upside, we would expect a closure above and then retest of the 146,400 level because this is a point where price has rejected in the past.
ENTRY will be around the 146,400-146,600 level
STOP LOSS will below the new support or around 146,200 (for around 20+pips) because in my opinion price will continue to drive down to 145,800 if this level(146,200) is violated
TAKE PROFIT will BE around 148,834 as there's a minor resistance there on the daily.
2 SHORT SELLS. For sells we will expect a resistance to formed around the 146,400-146,600 point and for price to close below 145,681 level as this(145,681) is a point where price has rejected in the past.
ENTRY will be after the break and retest of the 145,681 level and the creation of the a bearish candle.
STOPS will be above the resistance that has been formed
TAKE PROFIT will be around 144,526 level as this is the next major support.
nothing is certain in the markets I came up with my own analysis, actually two scenarios:
1. BULLISH CONTINUATION: for buys to continue to the upside, we would expect a closure above and then retest of the 146,400 level because this is a point where price has rejected in the past.
ENTRY will be around the 146,400-146,600 level
STOP LOSS will below the new support or around 146,200 (for around 20+pips) because in my opinion price will continue to drive down to 145,800 if this level(146,200) is violated
TAKE PROFIT will BE around 148,834 as there's a minor resistance there on the daily.
2 SHORT SELLS. For sells we will expect a resistance to formed around the 146,400-146,600 point and for price to close below 145,681 level as this(145,681) is a point where price has rejected in the past.
ENTRY will be after the break and retest of the 145,681 level and the creation of the a bearish candle.
STOPS will be above the resistance that has been formed
TAKE PROFIT will be around 144,526 level as this is the next major support.
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