Short

USDJPY Backtesting the Short-Term Breakdown

Updated

has been trying to break the previous support turned resistance at 113. As long as it consolidates in these levels then we can expect a continuation of its descent to at least 112.5-112.3 but if it manages to retake and hold above 113 then we can talk about possible long reversal.

Entry: 112.95
SL: 113.1
TP: 112.5-112.3

Any feedbacks are appreciated!

Note

Moved SL to 113.2 due to possible gap on Sunday Night

Note

Just a follow-up upon checking the higher timeframes

s3.amazonaws.com/tradingview/snapshots/z/ZdtPvjVH.png

4H: Rejected by the 200ma at the 114.4-114.8 area

s3.amazonaws.com/tradingview/snapshots/m/msY3t2Fi.png

Daily: Rejected by the 50ma at the same area

Its possible that if we can get a continuation of this move then we might continue until the daily low at the 111.9-111.8 level

Note

USDJPY Daily Possible Inverted Cup and Handle

Note

So it seems it broke the 113 level. Im going to wait for a retest to either reverse the long or hold the shorts

Note

Looks like short might be the best option depending on how this candle close within an hour from now
s3.amazonaws.com/tradingview/snapshots/6/66WlSn0x.png

Trade closed manually

Reversed to long. 4H candle close favored the bulls

SimpleMillennialAverage

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