USDJPY: Potential Short Trade Explained 🇺🇸🇯🇵
Updated
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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