#1 USD/JPY Technical Analysis 11/24Analysis based on my own SMC Version.
1. In Daily Time price , Bulls still in charge. Price Already create Choch + BOS as part of bullish continuation sign in 4H TF.
2. Price manage to break through 0.5 1D Equilibirium fibo area, and break nearby supply, suggesting price might still have chance to retest Previous High in Daily/Weekly basis (Latest Sell OB)
3. In 4H TF, Price create a solid typical Bullish price action , where impuls create bos- retest on demand- impulse -> bos.
4. As the current we can see price is in 4H FVG and create 15 m Choch + Bullish Engulf on 4H TF. This give confirmation to continue trading buy
5. Open Price buy with target nearest High Liquidity at 155.229, stop loss at 154.09 (Adjust to your preference
The trade can be considered as High risk because overall price is in Daily Previous Bearish Choch. Usually price react to some degree in respons to Choch area.
Regardless on safe side
Price might revisit 4h Demand area at 152.120-153.3 area.
Find Lower TF Confirmation such as Dominant breakbuy/ Choch etc before entry in the area
This optimize entry point and better RR compared to trade above which is more high risk
