USDJPY Short|Bearish Retest|Resistance Confluence|Local Support
Evening Traders,
Today’s analysis – USDJPY- breaking down from structural resistance with bearish price action, further downside is likely.
Points to consider,
- Macro trend bearish
- Impulse sell through level
- S/R flip (bearish retest)
- Bearish price action
- Local support target
USDJPY’s trend has put in consecutive lower highs giving the market a bearish bias.
Price has an impulse sell through structural resistance; this shows a lot of weakness as price failed with bullish follow through.
A bearish retest is likely to be confirmed as price respects the .618 Fibonacci. The 200 MA is also in confluence which further solidifies the resistance.
The immediate price action looks weak; breaking dynamic support line will make the immediate target local support.
Overall, in my opinion, bearish price action under structural resistance increases the probability of further downside. A short is valid with any rallies into structural resistance, this will allow for defined risk.
What are your thoughts?
Thank you for following my work!
And remember,
“Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.” ― Yvan Byeajee
Today’s analysis – USDJPY- breaking down from structural resistance with bearish price action, further downside is likely.
Points to consider,
- Macro trend bearish
- Impulse sell through level
- S/R flip (bearish retest)
- Bearish price action
- Local support target
USDJPY’s trend has put in consecutive lower highs giving the market a bearish bias.
Price has an impulse sell through structural resistance; this shows a lot of weakness as price failed with bullish follow through.
A bearish retest is likely to be confirmed as price respects the .618 Fibonacci. The 200 MA is also in confluence which further solidifies the resistance.
The immediate price action looks weak; breaking dynamic support line will make the immediate target local support.
Overall, in my opinion, bearish price action under structural resistance increases the probability of further downside. A short is valid with any rallies into structural resistance, this will allow for defined risk.
What are your thoughts?
Thank you for following my work!
And remember,
“Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.” ― Yvan Byeajee
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
Follow me on Twitter! twitter.com/pinkdawn__
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.