USDJPY Inverted Cup and Handle Again? March 20-24 Trading Plan

broke the 50DMA once again and looking bearish in my opinion. The breakdown and downtrend is also supported by the moving averages on the hourly timeframes.

Don't have any big positions as I expected it to retest the 114 breakdown level but it didn't happen

4H Timeframe View:

tried to break the 200MA but it failed and continued its downtrend breaking the 113 support

1H Timeframe View:

Looks like its consolidating after the 113 breakdown but I wouldn't discount a possible pullback to retest the 113 level and it would be a great short level if the downtrend continues.

Preferred Entry: 112.9-113
Stop: 113.3
Profit: 111.6

But there is also a possibility that it would stay on this level until it once again breaks down. If that was the case then we can simply wait for either the 20MA(red line) or the 50MA(yellow line) on the 1H timeframe to reach the price and short it at the level if it doesnt break above it.

If the 111.6 profit target is reached, we can take partial profits or move stops to profit as its possible will bounce on this area as it has done multiple times in the past or finally break that daily support

Any feedbacks are appreciated!

Trade active

Might not get the pullback I wanted as it broke support too early

Short: 112.539
Stop: 112.65
Profit: 111.6

Note

Got stopped waiting for another entry

Trade active

Late Update

Looks like UJ failed to breakout and retested the 50MA twice. The Bear is strong in this one

Short: 112.591
Stop: 112.7
Profit: 111.6

Note

Took partial profits

Trade closed: target reached

That spike down triggered my TP. Nice!

Currently no positions waiting for direction

Note

Daily Support Broken

Lets see if UJ can retake it or not

Note

Looks like its going to retest the daily support but will it turn into resistance?

1H Timeframe View:

4H Timeframe View:

A trend is intact till its broken. 1H Yellow Line(50MA) and 4H Red Line(20MA) should provide heavy resistance thus the highlighted area will be an ideal short entry but just incase UJ retakes the resistance and holds above it then we can also long on that area

Trade active

Nothing goes down forever. Took a long scalp for a possible oversold pullback

Long: 112.294
Stop: 111.05
Profit: 112.3

I might close this position early if target isn't reached before US session ends

Trade closed manually

Closed long with small profit. Markets currently too volatile

SimpleMillennialAverage

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