USD/JPY BEARISH SWING TRADE
Updated
FOLLOWING UP WITH FUNDAMENTAL ANALYSIS ON THE USD, CURRENCY WEAKENS AND USES 109.5 AS SUPPORT OVER THE LAST COUPLE OF DAYS. CURRENTLY TRUMP HAVING TALKS WITH CHINA IS ALLOWING A RANGING MARKET THEREFORE IF TALKS WITH CHINA GOES WELL. I'M LOOKING FOR PRICE TO BREAK OUT BULLISH.
TECHNICAL ANALYSIS IS SHOWING A POTENTIAL DOUBLE TOP BEING FORMED AFTER BREAKING THROUGH A MAJOR TREND (BOJ HOLIDAY). IF PRICE DOES BREAKOUT BULLISH FROM THE SUPPORT IT'S AT NOW AND CONFIRMS FIBONACCI RETRACEMENT BY HAVING THE 4H CANDLE CLOSE BELOW PRICE 111.205
WE WOULD CONTINUE THE SELL LIMIT ORDER AT DAILY RESISTANCE (111.0) OR HAVING A SELL STOP ORDER IN PLACE AT PRICE 111.0 . CONFIDENT ENTRY PRICE WOULD BE SNIPED THEN TARGETING 100% ( 109.5 ) ON FIBONACCI EXTENSION. FINAL TARGET WOULD BE THE WEEKLY SUPPORT, FURTHER ANALYSIS WILL BE MADE ONCE PRICE CLOSES AT THE DAILY SUPPORT.
(SWING TRADE) (SHORT POSITION IDEA)
TECHNICAL ANALYSIS IS SHOWING A POTENTIAL DOUBLE TOP BEING FORMED AFTER BREAKING THROUGH A MAJOR TREND (BOJ HOLIDAY). IF PRICE DOES BREAKOUT BULLISH FROM THE SUPPORT IT'S AT NOW AND CONFIRMS FIBONACCI RETRACEMENT BY HAVING THE 4H CANDLE CLOSE BELOW PRICE 111.205
WE WOULD CONTINUE THE SELL LIMIT ORDER AT DAILY RESISTANCE (111.0) OR HAVING A SELL STOP ORDER IN PLACE AT PRICE 111.0 . CONFIDENT ENTRY PRICE WOULD BE SNIPED THEN TARGETING 100% ( 109.5 ) ON FIBONACCI EXTENSION. FINAL TARGET WOULD BE THE WEEKLY SUPPORT, FURTHER ANALYSIS WILL BE MADE ONCE PRICE CLOSES AT THE DAILY SUPPORT.
(SWING TRADE) (SHORT POSITION IDEA)
Note
A CLEANER DESCRIPTION AND CHART IS PUBLISHED. RUSHED PUBLISHING THIS IDEA SO IGNORE THIS AND LOOK AHEAD TO THE NEWLY AND IMPROVED USD/JPY IDEA.
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