ShaunBC
Short

USDJPY: downtrend continuation - short

FX:USDJPY   U.S. Dollar / Japanese Yen
Daily: downtrend
1) price has just hit an ongoing downtrend resistance line
2) 62 period EMA acting as a dynamic resistance line
3) Stochastic indicator currently in overbought conditions

4-hour chart:
1) double top formed during uptrend. Reversal signal so next move is down.
2) 3 black crows bearish candle formed
3) 5 period EMA currently pointing down, and stochastic indicator has left overbought conditions with strong selling momentum


Lovely analysis! If price breaks the trend line are you changing your bias?
Reply
ShaunBC khaim
@khaim, Depending on the strength of the breakout, but unlikley I would change my bias. Good supporting evidence for the continuation! God speed fellow trader!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out