USDJPY(1D): Consolidation Before A Short
Updated
USDJPY Timeframe: 1D
Direction: Short
Confluences for Consolidation Period:
- At support of Medium Term Trendline (established since March 2018)
- Price action hovering at 61.8% Fibo line of Recent Highs and Lows
- Overlapping of Oversold Stochastics
Confluences to Watch for a Sell
- Bearish candle formations
- Stochastic Overbought momentum wanes (if it reaches those levels)
- Crossover of 8EMA and 50EMA
- Break of Medium Term Trendline (established since March 2018)
Suggested Trade:
Price Action is likely to consolidate back upwards towards 112.48 - 113.27. Those levels are opportunities to sell USDJPY.
Entry @ 112.48 - 113.27
SL: 114.66
TP: 109.69
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Note
Market is doing it's consolidation towards our Area of Interest. Be patient..Note
Broke through Consolidation area, watch for bearish momentum on daily charts to confirm entry level.Trade active
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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.