USDJPY BUY SOONHi fellow traders, USDJPY is completing the correction, look for buy in the blue box area. Goodluck!
Usdjpytrading
USDJPY is seeing bearish momentum, further drop to be seenPrices are facing bearish pressure from resistance in line with the 61.8% fibonacci retracement and broke the previous low as well. We could see a test of the sell entry before a further drop here. Next key level to watch would be at the 109.50 area in line with the 78.6% fibonacci retracement. What are your thoughts on USDJPY? Love to hear them!
USD/JPY Scenario1- Shorts from 107.63
Best sell level 107.75
Stop: slightly higher than 107.90
If the first stop is hunted
2- Sell level 108.24
Stop: Slightly higher 108.53
Targets for both positions: 106.88 – 106.10 – 105.35
USDJPY Wait for a break outPattern: Triangle on 4H.
Signal and Targets: Bearish if the Triangle breaks downwards (TP 110.245), Bullish if it breaks upwards (TP 112.500).
*Note: First time on 1D that the pattern makers Lower Highs instead of Lower Lows. This enhances the potential of a bearish break-out.
USDJPY Sell SignalPattern: Fibonacci retracement to 0.786.
Signal: Bearish after identifying a similar fractal on the previous 1W Resistance/ Support levels.
Target: 109.000 (just above a -2.92% pull back).
USDJPY Bearish setup#USDJPY, USDJPY, No change in long $index by last week. professionals are in hedging. JPY shorts trimmed 3k by last week. long% increased 2% while short% decreased 2%.
long USDJPY @ 1h @ trading capability for this 1st week `17This is only a trading capability - no recommendation !!!
Next week i`ll confirm or change my opinion about this SetUp :)
Buying/Selling or even only watching is always your own responsibility ...
Best regards
Aaron
