USD/JPY analysis: Sell Opportunity In H4 Supply Retest
Updated
Good morning.
In general, the price trend in the intermediate-term is down. This condition based on downtrend move in the Weekly time frame. The price rejects in Weekly supply area 109.17 - 110.10 and this looks like uptrend channel in the Daily time frame. Sell opportunity will be taken in the H4 supply area when the price retest this area.
In general, the price trend in the intermediate-term is down. This condition based on downtrend move in the Weekly time frame. The price rejects in Weekly supply area 109.17 - 110.10 and this looks like uptrend channel in the Daily time frame. Sell opportunity will be taken in the H4 supply area when the price retest this area.
Note
In the Daily time frame, the last price action makes uptrend channel around the supply area.
Note
In the H4 time frame, sell opportunity will be taken when price retest the supply area 109.55 - 109.71. Watch the price reaction inside this area to see top confirmation such as bearish engulfing, pin bar (long upper shadow) or bearish inside bar. The sell position will be open when the confirmation is done.
Note
Note: 1. Entry will be taken as confirmation is done
2. Always use money management (1%-2% risk/trade is recommended)
3. Close the position (emergency exit) when the price makes high probability reversal candlestick such as engulfing, piercing line, or long shadow.
Thanks.
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