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?
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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!
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