USDJPY 4Hr Short!

This idea is VERY SPECIFIC (and simplified) in that: Price has tested and closed (this past week) below a very important Daily Resistance Price = 119.322

Resistance Price 119.322 has corresponding Supporting Price at 116.488.

This idea remains valid only if downside Rejection at 119.322 sustains-- Meaning, price in time will drop to Support 116.488 for tests-- And failure to support at 116.488 will cause further decline to 111.028 for tests.

What if 119.322 turns to Support? Next Daily significant Resistances are 120.681 | 123.353 | 130.945

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Note: Idea is to complement your research.


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Comment:

Resistance 130.945 has seen tests and given more than 50 Pips rejection within seconds, this could be a very good sign.... Corresponding Support for 130.945 is at 123.353.

For now, best descending reaction (if applicable) is for price to fail 130.127, 129.497 and most importantly 129.441

Comment:

Also note that:

If upside continues: Major Peak Resistance is at 137.725 | 138.020 with corresponding Support at 129.441-- these are derived from Monthly timeframe.

Comment:

Comment:

USDJPY is bound to free-fall if DXY weakens-- At the moment JXY (Yen) is gaining whereas DXY is ranging at Resistance (103.966 - 104.321)