USDJPY short selling Possible Scenario
The USDJPY is known as "Ninja" in the forex market. USDJPY market in a bullish trend for a couple of weeks. Now price is traded near the Strong Supply zone area ( 140.80-141.50 ) as mentioned in the price chart. The last time the market reject this area at 23-Nov-2022 and after that market makes a clear bearish move of almost 1000 pips to the downside. RSI ( relative strength Index ) at over-bought levels and VOLUME also Indicate buyers lose momentum. So this area is suitable for initiating short positions after closing below the zone. On the other side, the Price traded above 200 MA ( moving average) indicates a bullish trend still in line but a Favorable scenario for long positions near the demand zone area ( 138.33-137.75 ) or after retesting the 200 MA ( moving average ) confirmed by bullish price action structure.
Support and Resistance levels for day trading ;
Pivot Point Level: PP 140.27
Support Levels: S1 139.82, S2 139.04, S3 138.59
Resistance Levels: R1 141.05, R2 141.50, R3 142.28
Support and Resistance levels for day trading ;
Pivot Point Level: PP 140.27
Support Levels: S1 139.82, S2 139.04, S3 138.59
Resistance Levels: R1 141.05, R2 141.50, R3 142.28
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