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Usdjpysell

USDJPY short with 4x Confluences. Confluences listed: 1: Trendline breakout and close on the Daily timeframe 2: Change in market structure and new low has been formed 3: Break and close below support around the 113.3** area 4: Double Top Pattern Formation Summary: Entry will be taken during the NY session. The trade has a potential RR of 2: 1 or more, depending on how deep the pull back is next Monday. If the trade is any less than 2:1 RR we will not be looking take the trade. Target are set using fibs from the high to the low of the breakout candle.
Short
by NDOBObanks
1
usdjpyUSDJPY - SHORT Why are we entering? - Expecting JPY strength and USD weakness - Price broke the ascending trendline = bearish What are we waiting for to happen? - Watch for price to move lower and create a correction What is our confirmation? - Break of WFB trendline once there's a correction Entry Safe entry: rejection of structure and break of WFB Risk Entry 1: Rejection of structure Once entered, where will our Stoploss be? - above the rejected price Where do we take profits? - First TP: 112 - Second TP: 111
Short
by Elrouby
More downside for USDJPY but limitedPrice continues to trade in a range this week. We think that will continue into the rest of the year. The bearish engulfing candle is formed on the 4hr and more downside will come at the start of the week but the downside is capped by the 200MA. BEAR CASE Price dumps straight away from these levels. Our target is between 122 and 122.5 BULL CASE Price consolidates upwards before the bear case is fulfilled. If this happens, it should be capped by the top of the channel at around 114.
Short
by IkanBilisCapital
Do not go long! Correction MUST happen before upside for USDJPYThis dollar yen is largely range bound this week. The following week could see more upside but we have a strong bias to the downside before sustained bullish price action can happen. BEAR CASE Structurally on the 4hr, price looks like it's ready to break out to the upside and it probably will break the top but the move should be fairly capped because the weekly shows that we need a deeper correction before we can see more upside. BULL CASE It is possible that price moves to break ATH but we think the move will be capped. PS: We will not long this thing, looking for shorts only.
Short
by IkanBilisCapital
USDJPY Major Resistance: Short or Long? USDJPY has just rejected a major Weekly/Monthly support-resistance level. You can usually expect price to do one of two things once that happens, no matter the trend direction; retrace or breakout. My bias is and always resides with the trend , so I took advantage of this retracement (temporary move) to the 0.3 fib level to enter a short-term sell , before taking the long term buy at that same level , once the sell tp is hit. This scenario is valid as long as we reject and trade ABOVE the fib level. More conservative entry: wait for break and retest of resistance to take the buy. The TP for the long position will be 114.500, or the last higher high. The next Swing TP is 118.405, and the last TP will be 124.000. You can stay in the buy, from the fib lvl, to TP 1 & 2, so long as price doesn’t demonstrate too much resistance/rejects 114.500 . Simply put the SL for the buy to break-even and trail your profits after each new higher high. Nice tip to increase your r:r. We’re currently in an uptrend so that means buys only , but a sell scenario is possible and valid has long as we trade below the resistance level and demonstrate enough rejection of said level. The fib level might not hold, so if you’re already in the sell, (like demonstrated on the chart), just put your SL to break-even and trail your profits until 111.7000 , which is the next and final TP. You could re-enter again for a sell if price rejects the resistance on the daily and if sellers demonstrate enough strength . if we start trading below 111.7000, we’re entering a longer term (Monthly) downtrend towards 108.000 then 105.000. {edit; it's RSI in overbought, not oversold lol}
Long
by FrenchIvory