Hi fellow traders.
USDJPY over the past week has been in a strong uptrend.
It appears it may be time to see a correction, slightly towards the downside.
Awaiting testing of the red trend line drawn. Upon this, looking to open a short position and take profit at the 0.382 Fib level. Stops are tight in case this idea is invalidated. RSI (14 period) further supports the possible downside move as it approaches the overbought region.
This is just technical analysis. Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
USDJPY over the past week has been in a strong uptrend.
It appears it may be time to see a correction, slightly towards the downside.
Awaiting testing of the red trend line drawn. Upon this, looking to open a short position and take profit at the 0.382 Fib level. Stops are tight in case this idea is invalidated. RSI (14 period) further supports the possible downside move as it approaches the overbought region.
This is just technical analysis. Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Trade closed: target reached
Comment:
Missed TP by a few pips to be exact. Now reversal is in play.