USDJPY At Good Resistance Level To Sell

USDJPY is currently at a strong resistance level of 107.262. This area has seen multiple rejects on both the upside and the downside. If the price were to move further upwards, there would be a very clear bearish divergence on the MACD Crossover as well. As such, I have entered a short position at 107.262.

My stop loss level will be at an area just above the area of resistance that I have entered at. This stop loss level is at 107.422. This is to allow the trade to have room to run.

My take profit level will be at an area of support. This is at 106.738.

If you agree with this trade, do give it a huge thumbs up! :)

Trade closed manually:

Closed the trade at 107.213 (+4.9pips). The reason being the price was unable to break the H4 26 ema despite having a shooting star candlestick. Will be looking for a re-entry.