We think, that there will be a bearish continuation, because: - price is in a downtrend - price broke the key level - there was a fake breakout of this mirror level - there were multiple rejections from the level - it seems not realistic for the price to break above
USD/JPY broke the horizontal level of 107.00 and it looks like it will continue in its movement to the downside.
This pair was consolidating last week and didn't show us the exact direction it wants to go. So until the direction is exact, we can't be looking for opening a position.
Price is pretty stable and if we will see a breakout of structural horizontal Level at 107.00, we would Short the pair.
I have noticed a Fake-out of the down trend line. This gives us an opportunity to go in and ride the wave down. I got in around 107.700 my Stop Loss is around 108.300 and so you can see on screen my Target is around 105.300. Take your time, be patient and stay alert for the break of the Neckline.
On the 4h chart, we can see that it was following my Channel Up pattern quite nicely. Updating now on my previous successful analysis, it started to build an Ascending Triangle which indicates another bull run, especially now with the US-news we might get some more information on soon. I suggest going long. But as always check for price action first and proper...
As always, a continuation from previous ideas. Check comments section for future updates on all ideas. Like this idea? Like, Share, Follow, and Support this channel for yet better content. Thank you and happy trading
FX:USDJPY OANDA:USDJPY FOREXCOM:USDJPY
Hi Traders, Dollar-Yen is on a strong resistance and it has bounced off the resistance, its good indicator that the market is going to sell from the current level, you preferably you may wait to retest again the respected level of structure and watch a price action there if the market again respects that level its great chance to shorten this pair next...
PRZ Zone: 108.58 - 108.76 TP1: 107.600 TP2: 107.100 TP3: 106.700
Follow ArrowPips : ) We are expecting potential short for USDJPY. Almost 150 pips target.
See chart for illustration
See chart for illustration. Follow up on earlier publication (see link below)
See chart for illustration