USDJPY short
Updated
W1:
We are in an impulsive move after the retracement of an uptrend
D1:
We have an inverted H&S at a psychological level (112.00)
which is also a strong Sup/Rez zone
H4:
We can clearly see a couple of Shooting stars/Hanging man candlesticks
which mean that price is retesting the zone but never closing above it
So my view is that price will go down till Fib 61.80% level
which is also a previous support zone
plus keeping in mind that it is a confluent zone between: (a lot of confluence)
-Fib 61.80%
-D1 trendline
-W1 trendline
-previously tested support zone
We are in an impulsive move after the retracement of an uptrend
D1:
We have an inverted H&S at a psychological level (112.00)
which is also a strong Sup/Rez zone
H4:
We can clearly see a couple of Shooting stars/Hanging man candlesticks
which mean that price is retesting the zone but never closing above it
So my view is that price will go down till Fib 61.80% level
which is also a previous support zone
plus keeping in mind that it is a confluent zone between: (a lot of confluence)
-Fib 61.80%
-D1 trendline
-W1 trendline
-previously tested support zone
Note
P.S: watch out also for the ascending triangle on a D1 timeframe So after the pullback downwards...
we may have multiple buy opportunities
specially if we break the mentioned structure (triangle)
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