USDJPY Local S/R| .382 Fibonacci| Untapped Liquidity| 200 MA
Evening Traders,
Today’s analysis – USDJPY- trading below Local S/R where a bearish retest is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance (.382 Fibonacci Confluence)
- Untapped Liquidity Target
- Valid Volume Climax
USDJPY’s immediate price action is impulsive under Local S/R, this allows us to have a bearish bias on the market.
The Local S/R is in confluence with the .382 Fibonacci, a back test here is probable allowing for a short entry.
Untapped liquidity being the target, respecting this area is critical, failure will increase further bearish targets.
There is a valid volume climax at play, price action follow through is needed with sustained volume from the bull side.
Overall, in my opinion, USDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work!
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
Today’s analysis – USDJPY- trading below Local S/R where a bearish retest is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance (.382 Fibonacci Confluence)
- Untapped Liquidity Target
- Valid Volume Climax
USDJPY’s immediate price action is impulsive under Local S/R, this allows us to have a bearish bias on the market.
The Local S/R is in confluence with the .382 Fibonacci, a back test here is probable allowing for a short entry.
Untapped liquidity being the target, respecting this area is critical, failure will increase further bearish targets.
There is a valid volume climax at play, price action follow through is needed with sustained volume from the bull side.
Overall, in my opinion, USDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work!
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas