On a today's live stream, we discussed USDJPY pair.
The price is currently approaching an important zone of confluence:
we see a perfect match between a horizontal supply area and 618/786 retracements of the last 2 bearish impulses.
To short the pair with a confirmation, watch a double top formation on 4H.
We need a 4h candle close below 134.3 - 134.6 horizontal neckline.
Then selling on a retest, our initial target will be 133.0
Alternatively, if the price sets a new higher high on 4H, the setup will be invalid.
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✅Join My Telegram Channel: t.me/VasilyTrading
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⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
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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.