USDJPY: D1 (Go long!)
Daily Timeframe
- Price has held between 0.618 to 0.382 levels
- Bearish candle has formed below previous bullish candle
- Price has tested resistance twice before.
- Price may retest the resistance line again before breaking
through
4Hourly Timeframe
- Confluence around resistance level
- Price tested resistance again
On smaller timeframes; price has tested and retested resistance line a countless number of times. This shows a strong resistance zone and respect of this area. On these timeframes; price is on a downtrend.
Wait for confirmation candle to see what price will do next.
- Price has held between 0.618 to 0.382 levels
- Bearish candle has formed below previous bullish candle
- Price has tested resistance twice before.
- Price may retest the resistance line again before breaking
through
4Hourly Timeframe
- Confluence around resistance level
- Price tested resistance again
On smaller timeframes; price has tested and retested resistance line a countless number of times. This shows a strong resistance zone and respect of this area. On these timeframes; price is on a downtrend.
Wait for confirmation candle to see what price will do next.
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