USDJPY Shorts from 142.500 down towards 140.000
My bias for USDJPY is pro-trend, aiming for a bearish move within a nearby 10hr supply zone. Currently, I expect a bit more upside and a redistribution within my point of interest (POI). Upon confirmation of these factors and other confluences, I'm inclined to sell down towards the psychological level of 140.000.
I am also anticipating a bullish reaction from the 7hr demand, which has caused a break of structure (BOS) to the upside, I recognise the importance of waiting for price to reach a discounted or premium area due to its current equilibrium state. However, considering the recent BOS to the downside, I anticipate a retracement to a supply zone for a potential sell-off.
Confluences for USDJPY Sells are as follows:
- price has broken structure to the downside and has left clean 10hr supply zone.
- Price is currently in a retracement so we can expect a wyckoff distribution to play out.
- Lots of major trendiness still left below on the high time frame that needs to get swept.
- Price has been in a very bearish trend ever since it failed to take the all time highs.
- The dollar is also looking bearish so I can expect more downside for this pair too.
P.S. As this trade aligns with the prevailing trend, the selling proposition is currently highly favorable. While the Fibonacci range indicates that the 14hr supply is more likely, I foresee the possibility of the 10hr supply failing to react off the 14hr at a more premium level.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!
I am also anticipating a bullish reaction from the 7hr demand, which has caused a break of structure (BOS) to the upside, I recognise the importance of waiting for price to reach a discounted or premium area due to its current equilibrium state. However, considering the recent BOS to the downside, I anticipate a retracement to a supply zone for a potential sell-off.
Confluences for USDJPY Sells are as follows:
- price has broken structure to the downside and has left clean 10hr supply zone.
- Price is currently in a retracement so we can expect a wyckoff distribution to play out.
- Lots of major trendiness still left below on the high time frame that needs to get swept.
- Price has been in a very bearish trend ever since it failed to take the all time highs.
- The dollar is also looking bearish so I can expect more downside for this pair too.
P.S. As this trade aligns with the prevailing trend, the selling proposition is currently highly favorable. While the Fibonacci range indicates that the 14hr supply is more likely, I foresee the possibility of the 10hr supply failing to react off the 14hr at a more premium level.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!