Get started
MtxTrader

USDJPY 4h Short Off Resistance Trendline Rejection

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MtxTrader  
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY 4h Bearish Patterns short Support and Resistance Trend Lines rejection priceaction
6
0
usdjpy 4h bearish short supportandresistance trendline rejection priceaction
So we have a valid trendline with 3 points on it, and UJ hit it once more during last Friday. I shorted it for several reasons:
1 - Rejection from trendline
2 - Price filled the gap and then went back down
3 - Price became overbought when it made a LH
4 - Bearish engulfing candle on Friday's close
5 - 1h double top formation with broken support and retest of broken support as resistance

Even so, this trade can go against me, so I only risk 2% of my account as always, on every trade.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.