USDJPY SHORTPotential 3rd touch in usdjpy structure and a small structure is formed with a double top providing a beautiful opportunity to go short .
Its going to be short according to my analysis 🙏
Usdjpysell
USD/JPY SELL (RETRACEMENT)USD/JPY has been in an uptrend respecting the green ascending channel .
In my previous analysis i expected the price to buy until it reaches the upper trend line continuing the ascending channel, which followed the analysis and reached tp.
I expect the USD/JPY to undergo retracement and expect the price to sell until it reaches the bottom trend line , thus continuing the ascending channel .
The expected movement of the price is shown by the grey path drawn .
USDJPY push higher to 106.600 then move lower to 105.400Hi Guys,
This is one of my students chart analysis that we took in lesson to show her how forecasting is done. This is all independent work. Her reasonings are below. (I have full rights to use this)
1. Reason why we've forecasted this trade is because...
1. 106.600 is our entry because it is a whole number, this is where banks and financial institutions come into the market.
2. 4HRLY is overbought... However daily timeframe is oversold So I would expect a bounce lower and then a move higher so it corrects itself on the daily timeframe for when it reaches our entry it is a valid short position.
3. Expecting a bounce from the upper trend line.
4. Within the 106.600 and the 106.800 there is a indication (due to previous data) that at this price the currency generally speaking tend to reject from.
Stop loss is 40 pips
Take profit is 100+ pips
USDJPY ABC correction in formation?USDJPY has completed 5 impulse waves. 1-5.
Based on the formation, we'll have a C leg down soon completing the ABC correction.
USDJPY double top. We've a double top on UJ. coinciding this with Elliot wave ABC correction, we're going down from here.
USDJPY Sell Trade (My View)A Quick Short Here With USDJPY Is Looking Very Nice: Fib Indicates TP 1$2
USDJPY buy from current levelUSDJPY buy from current level
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USDJPY Holding Below 105.71See Signposts for key price action details.
After price crossed below this level for the first time, it made an attempt to trade above it. This did not succeed.
We are expecting further downside, but we are seeing a slight uptick in the dollar index (DXY) in the short run.
The 1-hour chart is also a concern as price is holding just below this level for a bit longer than desired. Largely monitor for the time being.
USDJPY ANALYSIS ANALYSIS
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DAILY TF: BULLISH CANDLES SHOWING WEAK MOMENTUM
4HR TF: BREAK OF RECENT LOWER HIGH
1HR: RECENT HIGHER LOW BROKEN
PLAN OF ACTION
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- WAIT FOR RETRACEMENT/ CORRECTION PHASE ON THE 1HR TF TO COMPLETE BEFORE TAKING SELLS
- IF OPPORTUNITY PRESENTS ITSELF, WE CAN TAKE THE ANTI-TREND BUY TRADES
ENTRY REASON
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- BREAK OF CORRECTION PHASE
STOP LOSS @ TO BE DETERMINED AFTER CORRECTION
TAKE PROFIT @ NEXT ZONE
