🔰 Pair Name : USD/JPY
🔰 Time Frame : DAILY
🔰 Scale Type : MID Scale
🔰 Direction : LONG/ BUY
USD/JPY is currently showing slight losses, hovering around 138.60, as traders search for fresh signals at the beginning of the European session on Monday. The Yen pair is retracing its corrective bounce from the previous day, where it rebounded from its mid-May lows.
Notably, the failure to sustain the corrective bounce beyond the immediate resistance at 139.35, formed by a previous support line dating back to late March, indicates the presence of USD/JPY sellers.
🔍 Key Support and Resistance Levels:
Support: 137.80 (early May peak), 137.40 (50% Fibonacci retracement), 135.50 (61.8% Fibonacci retracement)
Resistance: 139.35 (immediate resistance), 140.00 (psychological level), 141.50 (confluence of 200-SMA and 23.6% Fibonacci retracement)
However, there are factors that could challenge further downside momentum. The 50% Fibonacci retracement level at 137.40, coupled with bullish MACD signals and the nearly oversold RSI (14) line, might lead to a pause in the selling pressure.
Looking back at the past week, USD/JPY experienced significant market imbalance, raising the anticipation of a correction in dollar strength. This correction is expected to facilitate the market's rebalancing process by filling the existing imbalance and collecting selling liquidity above.
As professional traders, we are closely monitoring these developments for potential trading opportunities. Being vigilant and ready to act in response to price action signals is crucial during this period of potential correction and rebalancing.
🔰 Time Frame : DAILY
🔰 Scale Type : MID Scale
🔰 Direction : LONG/ BUY
USD/JPY is currently showing slight losses, hovering around 138.60, as traders search for fresh signals at the beginning of the European session on Monday. The Yen pair is retracing its corrective bounce from the previous day, where it rebounded from its mid-May lows.
Notably, the failure to sustain the corrective bounce beyond the immediate resistance at 139.35, formed by a previous support line dating back to late March, indicates the presence of USD/JPY sellers.
🔍 Key Support and Resistance Levels:
Support: 137.80 (early May peak), 137.40 (50% Fibonacci retracement), 135.50 (61.8% Fibonacci retracement)
Resistance: 139.35 (immediate resistance), 140.00 (psychological level), 141.50 (confluence of 200-SMA and 23.6% Fibonacci retracement)
However, there are factors that could challenge further downside momentum. The 50% Fibonacci retracement level at 137.40, coupled with bullish MACD signals and the nearly oversold RSI (14) line, might lead to a pause in the selling pressure.
Looking back at the past week, USD/JPY experienced significant market imbalance, raising the anticipation of a correction in dollar strength. This correction is expected to facilitate the market's rebalancing process by filling the existing imbalance and collecting selling liquidity above.
As professional traders, we are closely monitoring these developments for potential trading opportunities. Being vigilant and ready to act in response to price action signals is crucial during this period of potential correction and rebalancing.
Trade active
Comment:
🧲 Imbalance = Magnet 🧲 Watch USDJPY Take Off 🚀👀 #Forex #USDJPY
Comment:
Comment:
Congratulations on the huge profit in UJ! You can move your SL to 137.235 now.
Comment:
Comment:
📈🚀 Trade Update: Hope you jumped in on this one and made a massive profit!🚀💰