USD/JPY LONG quick scalping
TOP DOWN ANALYSIS
WEEKLY TIMEFRAME
So from the weekly timeframe we see a consolidation in term of a compression and price respecting 3 times at 104.800. which mean we have seen price respecting the high lows 3 times but creating "lower high highs" that why i call it a compression just like a pump waiting for the shoot out of price and the direction of the breakthrough. so our outlook for USD/JPY In the weekly is BULLISH NEUTRAL LOL
Consider the weekly "HIGHER HIGH" is at 112.200 and "HIGHER LOW" IS AT 104.800 .When use the Fibonacci tool we see price reacting on the 61.8% retracement level since we see high highs are forming lower than the previous HIGHS
DAILY TIMEFRAME
we see market structure is broken and now is coinciding with the weekly to be bullish. we see price creating "HIGHER HIGHS" and ''HIGHER LOWS'' forming an uptrend in the daily. so if the weekly 61.8% fib doesn't hold then we might see 78.8% retracement or a full complete retest of the weekly "highs"
Lets look closely to the price formation of " HIGHER HIGHS' and "HIGH LOWS" we see price going for a complete retest of the previous low at 104.500 and we have a confluence for a potential long setup .also when your draw your trend-line from the high lows it perfectly respect!! giving more confirmation.
H4 &H1 TIMEFRAME
Since we have confirmed in the weekly and daily timeframe, Currently we saw a clear price rejection from the bullish engulfing candle. and price breaking the structure in lower timeframes in M30 and H1. As i am typing we see price retesting the broken structure which was a resistance and now acts as support for momentum or spring to push it more high.
setup will become invalid when price breaks the 108.200
Note
always use proper risk management and document your trading setup
our USD/JPY long target 1=108.900
target 2 =109.500
WEEKLY TIMEFRAME
So from the weekly timeframe we see a consolidation in term of a compression and price respecting 3 times at 104.800. which mean we have seen price respecting the high lows 3 times but creating "lower high highs" that why i call it a compression just like a pump waiting for the shoot out of price and the direction of the breakthrough. so our outlook for USD/JPY In the weekly is BULLISH NEUTRAL LOL
Consider the weekly "HIGHER HIGH" is at 112.200 and "HIGHER LOW" IS AT 104.800 .When use the Fibonacci tool we see price reacting on the 61.8% retracement level since we see high highs are forming lower than the previous HIGHS
DAILY TIMEFRAME
we see market structure is broken and now is coinciding with the weekly to be bullish. we see price creating "HIGHER HIGHS" and ''HIGHER LOWS'' forming an uptrend in the daily. so if the weekly 61.8% fib doesn't hold then we might see 78.8% retracement or a full complete retest of the weekly "highs"
Lets look closely to the price formation of " HIGHER HIGHS' and "HIGH LOWS" we see price going for a complete retest of the previous low at 104.500 and we have a confluence for a potential long setup .also when your draw your trend-line from the high lows it perfectly respect!! giving more confirmation.
H4 &H1 TIMEFRAME
Since we have confirmed in the weekly and daily timeframe, Currently we saw a clear price rejection from the bullish engulfing candle. and price breaking the structure in lower timeframes in M30 and H1. As i am typing we see price retesting the broken structure which was a resistance and now acts as support for momentum or spring to push it more high.
setup will become invalid when price breaks the 108.200
Note
always use proper risk management and document your trading setup
our USD/JPY long target 1=108.900
target 2 =109.500
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