USDJPY ready for correction to 153.35 and maybe more...
Updated
USDJPY Price : 154.40
Trend : UP ( Due to the upward channel on Daily chart )
Transaction: Sell
Reason : we believe that the current trend is Up trend on Daily, but here is the reasons to expect some correction on prices :
1 - The price has reached to the the resistance ( upper line ) of the upward channel on daily time, that pushed the prices down two times in the past as showing clearly on the left chat.
2 - Prices reached to resistance on H1 that pushed the prices down yesterday
3 - Stochastic gave clear negative divergence signal on H1 time frame
Technical analysis failure at level : 154.80
Technical analysis success at level : TP : 153.30
Note : we are here on sell position, which is against the trend and consider as a high risk transaction, so I advise to set the stop loss and have some commitment about it.
Trend : UP ( Due to the upward channel on Daily chart )
Transaction: Sell
Reason : we believe that the current trend is Up trend on Daily, but here is the reasons to expect some correction on prices :
1 - The price has reached to the the resistance ( upper line ) of the upward channel on daily time, that pushed the prices down two times in the past as showing clearly on the left chat.
2 - Prices reached to resistance on H1 that pushed the prices down yesterday
3 - Stochastic gave clear negative divergence signal on H1 time frame
Technical analysis failure at level : 154.80
Technical analysis success at level : TP : 153.30
Note : we are here on sell position, which is against the trend and consider as a high risk transaction, so I advise to set the stop loss and have some commitment about it.
Trade closed manually
Now the prices around ( 154.28 ) and after 100 Pips has been achieved and the prises reversed before our target in 30 pips at 153.60 We can say that the Market is not safe anymore on USDJPY today , therefore we don't advise to keep hold the transaction and better to set your exit at the entry or close it manually .
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