POTENTIAL SELL HERE ON USDJPY
Im looking for a sell here to take out the bottom equal lows. Dollar has been real bullish this week but I see USDJPY is at a major resistance that its having trouble breaking. A closure above resistance will invalidate my trade idea.
Comment:
price is starting to show transition on lower time frames, showing bearish price structure and breaking lows. not in the clear yet. still above the higher time frame resistance. need to break this last low and close below the higher time frame resistance to feel more confident in holding the trade. trade is playing out nicely and new york can provide the volume to break support or we can break back above 147.500 and start to make new highs. I still see sells but cant be overconfident on a bias and not pay attention to a shift back into bullish structure. This can ultimately be a break and retest of the higher time frame resistance turned support we see on lower time frames and 147.200-300 area can be used as support and the price can keep pushing up.
price is starting to show transition on lower time frames, showing bearish price structure and breaking lows. not in the clear yet. still above the higher time frame resistance. need to break this last low and close below the higher time frame resistance to feel more confident in holding the trade. trade is playing out nicely and new york can provide the volume to break support or we can break back above 147.500 and start to make new highs. I still see sells but cant be overconfident on a bias and not pay attention to a shift back into bullish structure. This can ultimately be a break and retest of the higher time frame resistance turned support we see on lower time frames and 147.200-300 area can be used as support and the price can keep pushing up.
price starting to break down. I would look for entries at the red circles with stop losses above the resistance targeting higher time frame lows, or quick scalps.