USDJPY - shorts or longs on 15min take your pick
I'm more inclined to go short due to higher TF's still being bearish, but with US trade talks looking positive and JPY seeming to weaken last week it could turn the tables
Any questions drop me a message or a comment im happy to help
Daily chat is showing descending channel being made. Going on a lower timeframe, price respected resistance zone 3 times which is a triple top at best. Going on the 15min for entry, I see price also made a rising wedge + 3 minor triple tops as well so this has me believing that price will go...
daily chat shows price consolidating in a triangle so I went into the 4hr/1hr and saw price rejecting yellow trendline.
Price then made a double top so waiting for breakout and retest to confirm trend.
On usdcad weekly, I see price break out of an ascending channel very cleanly while forming a daily support trendline which was supported by a falling wedge in the 4hr chart.
Price broke out of the falling wedge which is now shown the 15 min chart.
This idea is solely based on technicals. no fundamentals is considered on this analysis but I would recommend looking into fundamentals before taking a trade. As you can see we have a reverse divergence on the 15 mins chart. If you look at price on the chart it has made two peak lower lows but the indicator is showing different. With that being said you can see...
5m chart scalp
Round number rejection
Daily momentum down
1H momentum down
15m momentum down
MA50 rejection on 15m chart
MA200 rejection on 5m chart
Trend line rejection
Slowing down , pin bar and engulfing on 5m
Going to play either a momentum long move with a 61.8% retracement, or will be short the market at the 127% extension. Planning to let the market decide where it wants to go and take a good RR. Both trades are over 3:1 risk reward:
LONG @ 1.7740
S/L @ 1.7594
TARGET @ 1.8150
SHORT @ 1.8030
S/L @ 1.8105
TARGET @ 1.7820
here is another analysis: on USDCAD we are testing a nice daily and 4hr support and resistance level. I think price may go higher and this level is a good one for buying setups like this.
In 15m we have a Bat Formation completing at 1,3370.
Stops go below X, target as usual with this kind of patterns.
See you in the next chart!