Opened 4 short positions (1 trading side divided into 4 small sizes):
148.622 has been the major support area USDJPY was struggling to break below since last December, however, it finally broke and closed below that level on March 4th 25 (red vertical line in 4H chart).
Since then, USDJPY has been oscillating between 150.24 and 146.55, but this morning it decisively broke and closed below the key level.
Price is below EMA 200 in Daily and 4H.
Daily MACD is in bear territory and Daily stochastic has reached over bought territory and starting to come down.
All momentum indicators in 4H are forming negative divergence.
Entry price - 148.556
S/L - 149.39 (just above the previous week high)
Target 1: 147.30 (previous low in 4H)
Target 2: 146.55 (previous low in 4H)
Target 3- 145
Target 4: 142.26 (Fib 1.618 in Daily)
If Target 1 and 2 are hit successfully, I will adjust SL I will update the progress.
148.622 has been the major support area USDJPY was struggling to break below since last December, however, it finally broke and closed below that level on March 4th 25 (red vertical line in 4H chart).
Since then, USDJPY has been oscillating between 150.24 and 146.55, but this morning it decisively broke and closed below the key level.
Price is below EMA 200 in Daily and 4H.
Daily MACD is in bear territory and Daily stochastic has reached over bought territory and starting to come down.
All momentum indicators in 4H are forming negative divergence.
Entry price - 148.556
S/L - 149.39 (just above the previous week high)
Target 1: 147.30 (previous low in 4H)
Target 2: 146.55 (previous low in 4H)
Target 3- 145
Target 4: 142.26 (Fib 1.618 in Daily)
If Target 1 and 2 are hit successfully, I will adjust SL I will update the progress.
Trade active
I decided to move S/L to 150.33. I am comfortable with my bearish bias however there are two things that make me sightly more cautious:1) 4H MACD is moving to the downside however it is still in the bull territory.
2) There is a big fair value gap between 149.71 and 148.869 area so there is a chance the price can first come up to that zone before the price moves to the downside.
Order cancelled
Related publications
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.
Related publications
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.