USD/JPY - Fibonacci Retracement & Double Top

Long

U.S. Dollar / Japanese Yen (FX:USDJPY)

Updated

FX:USDJPY U.S. Dollar / Japanese Yen

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4HR and 1HR Timeframe depicts a double top. Price broke the neckline and is now currently retracing. Price is sitting at Fib Level 38.20% (Green Zone) - Price action indicates that bears have some momentum. I think bears will start to reach resistance right around Fib Level 50.00% if bears continue to remain strong last enter could be around Fib Level 60.00%. If bears show no weakness and close pass the final price entry I would consider this trade a no go as rules would be broken. Ultimately looking for some signal of price action to enter the trade.

Note: There are two key levels that price is currently heading towards. Be on the lookout for some consolidation and signs of entry at these areas of possible opportunity.

Trading Journal #12

- Austin S.

Comment:

I noted a "Double top" formation as it sounded right. The correct term would be a "Double Bottom." It's the same thing except this signals a reversal at the support level.

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