USDJPY Bearish
Bias Bearish
Fundamental Analysis
USD is Bearish and likely to reduce interest rates in sept 2024 supporting more bearish momentum
JPY is Bullish fundamentally. Due to market meltdown in early Aug, JPY is taking a neutral position(no movement). However, JPY is looking forward to increase interest rate in the future. (likely dec 2024 or early 2025)
Price Action:
Price rejected from H4 SR level. The bearish movement has come in, creating a break in H4 support level and close below it (HUGE Support level). Price pulled back and retest the broken support level H4. Price formed a rising flag pattern. Price break the H1 support level & H1 flag bullish TL.
Confluence:
Higher TF (W/D/H4) - H4 Broken HUGE Support level, H4 EMA50, H4 Trendline
Lower TF (H1/M30/M15) - H1 broken support level. Bearish Momentum Candle towards downside. and H1 broken bullish Trendline
Set up:
Short Entry at broken H1 support level.
TP at Daily SR level R:R 1:4
SL above the double top pattern +1 ATR
Fundamental Analysis
USD is Bearish and likely to reduce interest rates in sept 2024 supporting more bearish momentum
JPY is Bullish fundamentally. Due to market meltdown in early Aug, JPY is taking a neutral position(no movement). However, JPY is looking forward to increase interest rate in the future. (likely dec 2024 or early 2025)
Price Action:
Price rejected from H4 SR level. The bearish movement has come in, creating a break in H4 support level and close below it (HUGE Support level). Price pulled back and retest the broken support level H4. Price formed a rising flag pattern. Price break the H1 support level & H1 flag bullish TL.
Confluence:
Higher TF (W/D/H4) - H4 Broken HUGE Support level, H4 EMA50, H4 Trendline
Lower TF (H1/M30/M15) - H1 broken support level. Bearish Momentum Candle towards downside. and H1 broken bullish Trendline
Set up:
Short Entry at broken H1 support level.
TP at Daily SR level R:R 1:4
SL above the double top pattern +1 ATR
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