USDJPY - 1 Long / 1 Short - Over- ripe
Updated
General
My monthly chart of USDJPY. 50% line of the range in confluence with the yearly open. Price currently reacted to the area 1 resistance zone.
I dont feel comfortable shorting at this point so i marked a scenario out under which i would enter a short. Also added a long in case we manage to break through the level.
If we should go lower from here i might look for shorts on a LTF.
1. Short (Red arrow)
Price manages to break above area 1 but falls then again under it.
Target: A bit above the 50% of the range. Aswell the 2 big support levels.
SL: Depending on the LTF entry i wouldnt want to see it going higher than area 1
Invalidation: Price never breaking above area 1
Time duration: Days, weeks, months, years... ;)
1. Long (Yellow arrow)
Price moves above area 1 and generates a swing. Then drops to area 1 before going higher than the generated swing
Target: A bit under the range high
SL: Under the support of area 1
Time duration: Days, weeks, months, years... ;)
Good luck
My monthly chart of USDJPY. 50% line of the range in confluence with the yearly open. Price currently reacted to the area 1 resistance zone.
I dont feel comfortable shorting at this point so i marked a scenario out under which i would enter a short. Also added a long in case we manage to break through the level.
If we should go lower from here i might look for shorts on a LTF.
1. Short (Red arrow)
Price manages to break above area 1 but falls then again under it.
Target: A bit above the 50% of the range. Aswell the 2 big support levels.
SL: Depending on the LTF entry i wouldnt want to see it going higher than area 1
Invalidation: Price never breaking above area 1
Time duration: Days, weeks, months, years... ;)
1. Long (Yellow arrow)
Price moves above area 1 and generates a swing. Then drops to area 1 before going higher than the generated swing
Target: A bit under the range high
SL: Under the support of area 1
Time duration: Days, weeks, months, years... ;)
Good luck
Note
Price currently pushed half of area 1Note
Price above area 1 - monthly close in 5 days. Would prefer the close above it for either scenarioNote
Monthly closed above area 1
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