UJ sell idea
Ahead of Friday's expected BOJ rate hike (0.25% to 0.50%), USDJPY is at a critical juncture.
Technical Insights:
1. Price found support on the 50-day moving average.
2. Lower time frames indicate a bearish bias, following the break of the ascending trend line on the 4-hour chart.
Trade Plan:
1. Waiting for price reaction between the 50% and 78.6% Fibonacci retracement levels.
2. Aiming to sell on a confirmed bearish setup within this zone.
3. Alternative sell opportunity: Daily supply zone.
Key Levels to Watch:
- 50% and 78.6% Fibonacci retracement levels
- Daily supply zone
PS: This analysis is for educational purposes only and should not be considered financial advice so remember to always practice good risk management.
Technical Insights:
1. Price found support on the 50-day moving average.
2. Lower time frames indicate a bearish bias, following the break of the ascending trend line on the 4-hour chart.
Trade Plan:
1. Waiting for price reaction between the 50% and 78.6% Fibonacci retracement levels.
2. Aiming to sell on a confirmed bearish setup within this zone.
3. Alternative sell opportunity: Daily supply zone.
Key Levels to Watch:
- 50% and 78.6% Fibonacci retracement levels
- Daily supply zone
PS: This analysis is for educational purposes only and should not be considered financial advice so remember to always practice good risk management.
Trade active
Note
Trade Update:
I am locking in partial profits here and adjusting risk management:
- Taking some profit off the table and move stop loss to break even
Securing a risk-free trade while still riding the potential downtrend
Note
The key support zone between 155.117 and 154.900 has finally given way after a 3-day consolidation.
Trade Plan:
Awaiting a pullback to this broken zone, where I'll look to add more sell positions, targeting further downside.
Trade closed: target reached
$150 was my take profit
I hope you made money with me
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.
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.