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Short

UJ - Bearish?

FX:USDJPY   U.S. Dollar / Japanese Yen
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----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> R:R Min 1

Weekly - price action determining a bullish bias supported by the touch and close below/at weekly resistance. It has broken all fib key levels. We should see a bearish retracement before long positions are in play. Let us see how this could play out on the lower timeframe.



Daily - price action looks to support the weekly bias with a series of bullish candles suggesting a good bull run has occurred. We are again touching the weekly resistance with HHs created. Again short positions could be in play around this area - there have been multiple touches of this zone in previous weeks.



4hr - price action recently broke a previous support resistance now turned support and a HL as been created. We could see price cause a fake-out to the upside before we start to see shorts in play to the downside.



1hr - this supports the 4hr bias and we could see price break out to the 4hr resistance at 112.1-112.2 zone. the 4hr fib extension level 61.8 sits within this zone.



Targets set with a downtrend bias, selling to the 4hr supports at 111.2 or further to 110.8 zones with entries around 112.2/112.0 zones.
Comment: Price action came through and fulfilled the pullback shorts. There was no break or close of the support which could have determined the overall bearish anticipation. however, as per the uptrend bias which was determined across all time-frames - price reached and reacted to the 110.8 support and reversed to continue its upward trajectory.
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