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forexwithfred

USD/JPY - SELL OFF On Trendline Resistance

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
forexwithfred Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns Wave Analysis USDJPY usdjpyidea usdjpyshort usdjpylong USD usdweakness bounce
17
0
trendanalysis chartpattern waveanalysis usdjpy usdjpyidea usdjpyshort usdjpylong usd usdweakness bounce
Hello Traders!,
We have hit our mid-week analysis for this trading, USD is still showing us signs of further weakness, possibly for further weeks to come.
What Is The Market Telling Us?
  • We've been in a healthy downtrend for 3 weeks now, market is showing no signs of a reversal as our trend resistance is being respected
  • Trendline resistance is being respected for the 4th time, we have bearish confluence with a strong bearish pinbar reacting to our resistance
  • Overall trend s bearish, lets take full advantage of this current USD weakness in the market right now!
When Should We Enter?
  • Since we've just had a bearish pinbar candlestick pattern appear exactly on our trend resistance, SELLING now would be recommended
    If we are being more conservative and want to wait for more ocnfirmation, sell once there is a bearish closure below our trend resistance
Order cancelled:
We did not get any bearish confirmation as price broke above our trendline and infact went the other way
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