Technical analysis for USD/JPY on the 1-hour timeframe. Here’s a breakdown of the idea and the reasoning behind it:
---
🔍 Technical Breakdown
1. Resistance Zone (Red Arrows):
Price has rejected the 145.50 resistance zone multiple times, creating a strong horizontal resistance level.
This rejection suggests that sellers are defending this zone aggressively.
2. Current Price Action:
A bear flag or wedge pattern is forming after a minor upward correction, suggesting a potential continuation to the downside.
Price is below the 200 EMA (144.08), and just around the 50 EMA (143.94), hinting at bearish bias.
3. Support Level:
Clear horizontal support is marked around 142.40, which acts as the target point.
If price breaks the flag/wedge to the downside, a move toward this level is expected.
4. RSI Indicator:
RSI (14) is around 55–57, slightly bullish but still neutral.
No overbought condition, so there's room for a drop.
---
📉 Forecasted Move
Short-Term Bullish Bounce: Price may spike toward the resistance again (~145.50), offering a short entry opportunity.
Main Idea: A rejection from the resistance level would likely trigger a drop back toward the target at 142.409, a potential 2.09% downside.
---
🧠 Trading Idea Summary
Bias: Bearish
Entry Idea: Near resistance zone (145.00–145.50), once rejection is confirmed.
Target: 142.409 support
Stop-Loss: Above resistance (~145.70 or higher)
Confirmation: Breakdown from the flag/wedge and rejection from resistance
---
Feedback My idea like and comment's 🙏
---
🔍 Technical Breakdown
1. Resistance Zone (Red Arrows):
Price has rejected the 145.50 resistance zone multiple times, creating a strong horizontal resistance level.
This rejection suggests that sellers are defending this zone aggressively.
2. Current Price Action:
A bear flag or wedge pattern is forming after a minor upward correction, suggesting a potential continuation to the downside.
Price is below the 200 EMA (144.08), and just around the 50 EMA (143.94), hinting at bearish bias.
3. Support Level:
Clear horizontal support is marked around 142.40, which acts as the target point.
If price breaks the flag/wedge to the downside, a move toward this level is expected.
4. RSI Indicator:
RSI (14) is around 55–57, slightly bullish but still neutral.
No overbought condition, so there's room for a drop.
---
📉 Forecasted Move
Short-Term Bullish Bounce: Price may spike toward the resistance again (~145.50), offering a short entry opportunity.
Main Idea: A rejection from the resistance level would likely trigger a drop back toward the target at 142.409, a potential 2.09% downside.
---
🧠 Trading Idea Summary
Bias: Bearish
Entry Idea: Near resistance zone (145.00–145.50), once rejection is confirmed.
Target: 142.409 support
Stop-Loss: Above resistance (~145.70 or higher)
Confirmation: Breakdown from the flag/wedge and rejection from resistance
---
Feedback My idea like and comment's 🙏
Join My Official Channel Link
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
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.
Join My Official Channel Link
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
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.