Price dipped as expected from my previous analysis. The price action tested the inclined resistance of the descending triangle. Market is currently printing the Head and shoulder reversal pattern. A breakout below the neck line support will be a bearish signal ↘️.
USDJPY NEW BUY ALERT PRINTED ON OUR 1HR STRATEGY.
PLEASE USE APPROPRIATE RISK MANAGEMENT !
OUR STRATEGY EXPLAINED:
The entry price, SL and multiple TPs are shown on the chart.
Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish...
". There is a possibility of temporary retracement to suggested support line (105.79).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
. USDJPY is in a uptrend and the continuation of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic...
The pair is sitting on a great position based on the MACD and parabolic SAR indicators.
MACD: About to make the cross= uptrend confirmation.
Parabolic SAR: As soon as the first dot will appears below the candle = uptrend confirmation.
Wish I had posted this sooner, the wick on 6th Oct at 18:00 gave a perfect sign for a break and retest of the bearish trendline found on the Daily.
This has been broken and retested, this move may be dragged out as it is a Monday and Bank Holiday for USD/CAD so there will not be much volume.
The above resistance has been rejected once after the break of the...