USDJPY has consolidated for a few days already and failed to retake the 112 level. With a series of lower highs, the supply resistance level is slowly going down to meet with the Weekly 200MA support.
Its possible it might find support at the Daily 200MA level as it was able bounce off it from the previous downleg.
In my opinion it might still test the 111 level one more time before the support finally breaks.
Entry: 111.044
Profit: 108.215
Stop: 111.325
Any feedbacks are appreciated!
Trade active
Possible reversal that it might break to the upside instead of the downside
Taking a long hedge just incase
Note
Currently being held up by the surprise Nikkei spike
Its possible it might provide bull fuel to break that resistance but ADP and ISM data is coming out as well
Order cancelled
Too risky to short at the moment. Two 4H candles closed above the descending trendline resistance which indicates a possible reversal
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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.