Jaxpx

USDJPY SHORT IDEA

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
-Price is below 200 EMA .
-Expanding Wedge formation.
-Bearish divergence; double top on RSI , as price creates a new HH (Higher High).
Comment: (Journal) due to the large impulse, it seems the bulls have regained momentum and there is a chance that bulls may break out to go higher.

Comments

great trade!
+1 Reply
Jaxpx VasilyPonomarev
@VasilyPonomarev, Thank you very much.
Reply
Great analysis!! Didn't notice the expanding wedge or bearish divergence :D
+1 Reply
Jaxpx ianiixo
@ianiixo, Thank you, I guess it would count as bearish divergence if the indicator contrasts from price movement, so in this example if price continues to make a new high but the indicator shows the highs as a flat or if it starts to make Lower Highs, that would validate a bearish divergence.
+1 Reply
ianiixo Jaxpx
@Jaxpx, thank you for the explanation :)
+1 Reply
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