USDJPY: D1 (Go long!)

FX:USDJPY   U.S. Dollar / Japanese Yen
Daily Timeframe
- Price has held between 0.618 to 0.382 levels
- Bearish candle has formed below previous bullish candle
- Price has tested resistance twice before.
- Price may retest the resistance line again before breaking

4Hourly Timeframe
- Confluence around resistance level
- Price tested resistance again

On smaller timeframes; price has tested and retested resistance line a countless number of times. This shows a strong resistance zone and respect of this area. On these timeframes; price is on a downtrend.
Wait for confirmation candle to see what price will do next.


How did this play out?
apphiapatten ApexFX_Pro
@ApexFX_Pro, Hey! Price went up by 230 pips. So my analysis was accurate. Thank God lol. I'm new to all of this so I'm literally just putting into practice what I'm learning.
+1 Reply
ApexFX_Pro apphiapatten
@apphiapatten, New to the game and pulling off trades like that... not a bad start at all ;p
apphiapatten ApexFX_Pro
@ApexFX_Pro, Thanks :)
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