USDJPY- Ascending Channel Retracement Short Opportunity!
-Very good selling opportunity of the rests of the support of the channel.
-There is a confluence with the support of the channel and the demand turned supply zone which shows price could potentially react from that zone.
-Another confluence is that the 38.2% fib level is line with the supply zone which gives me more confidence price cill reach that level and retrace.
-The 50EMA is above price which indicates that it is a bearish trend and to look for selling opportunity for this pair.
-We could see a potential breakout of the 106.985 level if price does not reach that zones.
-I will look to enter only when I see a strong bearish candle confirmation for me to enter the trade.
-Make sure you like, follow and share your comments/opinions on this pair.
-Have a good trading week!
-There is a confluence with the support of the channel and the demand turned supply zone which shows price could potentially react from that zone.
-Another confluence is that the 38.2% fib level is line with the supply zone which gives me more confidence price cill reach that level and retrace.
-The 50EMA is above price which indicates that it is a bearish trend and to look for selling opportunity for this pair.
-We could see a potential breakout of the 106.985 level if price does not reach that zones.
-I will look to enter only when I see a strong bearish candle confirmation for me to enter the trade.
-Make sure you like, follow and share your comments/opinions on this pair.
-Have a good trading week!
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