USDJPY: Intraday Short Selling Opportunity
-INTRODUCTION-
From our previous USDJPY analysis, we have spotted a wide head and shoulder pattern in the 4-hour chart. Yesterday, the price has arrived at the neckline support level of the head and shoulder pattern. In the 15-minute chart, we can see the price has retraced after reaching the neckline, forming a rising wedge channel.
-TRADING PLAN-
The price is retracing nicely, breaking the first resistance level of 128.00. Therefore, we expect the price to keep rising to the next resistance level of 124.40 ~ 124.60. From that area, we will observe for a consolidation pattern and a breakout from the rising wedge channel. After a breakout, we will prepare our sell entries first targeting the neckline support area
Check out our previous swing sell roadmap for JPY pairs below :)
From our previous USDJPY analysis, we have spotted a wide head and shoulder pattern in the 4-hour chart. Yesterday, the price has arrived at the neckline support level of the head and shoulder pattern. In the 15-minute chart, we can see the price has retraced after reaching the neckline, forming a rising wedge channel.
-TRADING PLAN-
The price is retracing nicely, breaking the first resistance level of 128.00. Therefore, we expect the price to keep rising to the next resistance level of 124.40 ~ 124.60. From that area, we will observe for a consolidation pattern and a breakout from the rising wedge channel. After a breakout, we will prepare our sell entries first targeting the neckline support area
Check out our previous swing sell roadmap for JPY pairs below :)
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