USDJPY: Is the selling strategy with 200 pips effective?
Hello everyone, let's discuss and strategize with me today!
As I mentioned earlier, USDJPY is currently in a consolidation phase at high levels around the 150.55-151.85 mark. But! At the same time, two bearish peaks were formed. Theoretically the price will break the support level, which will create a breakout and correction of the currency pair.
On H4, the strong support level at 150.55 cannot cause USDJPY to recover and the downtrend following 2 peaks is still continuing until now. Given the current trend, a breakout this week is possible, but it may not last long as it approaches support, although the 34.89 EMA continues to consolidate the uptrend.
Once the current support is broken, there will be nothing stopping USDJPY from falling deeper, towards huge liquidity zones as mentioned on the 4-hour chart around Fibonacci 0.618 (was 149.80) and 0 .5 (149.17). What are your thoughts on this perspective?
As I mentioned earlier, USDJPY is currently in a consolidation phase at high levels around the 150.55-151.85 mark. But! At the same time, two bearish peaks were formed. Theoretically the price will break the support level, which will create a breakout and correction of the currency pair.
On H4, the strong support level at 150.55 cannot cause USDJPY to recover and the downtrend following 2 peaks is still continuing until now. Given the current trend, a breakout this week is possible, but it may not last long as it approaches support, although the 34.89 EMA continues to consolidate the uptrend.
Once the current support is broken, there will be nothing stopping USDJPY from falling deeper, towards huge liquidity zones as mentioned on the 4-hour chart around Fibonacci 0.618 (was 149.80) and 0 .5 (149.17). What are your thoughts on this perspective?
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