USDJPY SHORT BEARISH BIAS THIS WEEK!
Chart indications
Trend - Downtrend
Candlestick Patterns - Triple top reversal formation
Trendlines - Descending wedge formation on D1
Supply Zone - W1, D1 & 4H
Indicators - 50/200 EMA CROSS indicates pullback
News
Trade talks with china slowly progressing
Nothing in writing
Won't be finalized for a few weeks
Lots of time to fall through
Many critics / skeptics
Final Thoughts
Talk of a trade war solution previously boosted USDJPY to its highest high in 6 weeks, but without anything in writing, many skeptics criticize the thought of the USA/CHINA trade war coming to any end any time soon. Technicals indicate that we are currently entering into the W1, D1, H4 supply zone and a major Fibanocci resistance level of 108.500 which could prevent bulls from heading much further. Bears are looking to take control next week and im expecting an immediate drop to 107.500; followed by 106.800.
Thoughts? join my telegram group to discuss possible trades! everyone is welcome :)
Click here to join --> t.me/joinchat/KVUHuRe9dYrAC_1lulpI3w
cheers!
Trend - Downtrend
Candlestick Patterns - Triple top reversal formation
Trendlines - Descending wedge formation on D1
Supply Zone - W1, D1 & 4H
Indicators - 50/200 EMA CROSS indicates pullback
News
Trade talks with china slowly progressing
Nothing in writing
Won't be finalized for a few weeks
Lots of time to fall through
Many critics / skeptics
Final Thoughts
Talk of a trade war solution previously boosted USDJPY to its highest high in 6 weeks, but without anything in writing, many skeptics criticize the thought of the USA/CHINA trade war coming to any end any time soon. Technicals indicate that we are currently entering into the W1, D1, H4 supply zone and a major Fibanocci resistance level of 108.500 which could prevent bulls from heading much further. Bears are looking to take control next week and im expecting an immediate drop to 107.500; followed by 106.800.
Thoughts? join my telegram group to discuss possible trades! everyone is welcome :)
Click here to join --> t.me/joinchat/KVUHuRe9dYrAC_1lulpI3w
cheers!
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