Bearish USD/JPY Is Preparing for Another Downturn
In this technical analysis I will cover USD/JPY and explain the most important pieces of information on the chart.
First of all, especially in Forex, trading with the trend is very important. If we zoom out a bit, we can see an overall bearish momentum on USDJPY.
Also, we can see a pattern forming similar to a symmetrical triangle. I expect the price to continue upwards for a little bit until it finds resistance and then move strongly downwards again.
I highlighted the important point here with the red breakout circle. If the price goes below this point I believe the downtrend is confirmed and a short trade is appropriate.
As for an exit on such a short trade, we can make use of the horizontal support area around the 104.2 level. This will be a difficult level to break and we can already earn about 150 pips holding it from the breakout zone.
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- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
First of all, especially in Forex, trading with the trend is very important. If we zoom out a bit, we can see an overall bearish momentum on USDJPY.
Also, we can see a pattern forming similar to a symmetrical triangle. I expect the price to continue upwards for a little bit until it finds resistance and then move strongly downwards again.
I highlighted the important point here with the red breakout circle. If the price goes below this point I believe the downtrend is confirmed and a short trade is appropriate.
As for an exit on such a short trade, we can make use of the horizontal support area around the 104.2 level. This will be a difficult level to break and we can already earn about 150 pips holding it from the breakout zone.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
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.
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
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.