Good sell opportunity on this pair as from the weekly and daily showing bearish signals as on the weekly there is a descending triangle since mid December 2016. On the daily, I am waiting for price to reach 61.8% fib level and there could be a potential reversal from the 50 EMA which in total shows three confluences from the weekly and daily timeframes.
Potential for USDJPY to drop - some key support levels marked - already broken bullish trend and broken below a support level, now resistance.
- Amateur trader just building my knowledge and analysis
- Not a Signal
On the 4H chart we can see that price is hovering and testing the 23.60 Fibonacci retracement. Price has broken the trend line that began on the 02/04/2020 but only just. Therefore, if we see a rejection of the 23.60 Fibonacci retracement then I would personally consider entering a short position.
I have drawn two sets of trend lines, these are dotted as they...
price is currently trading inside this ascending channel structure whilst also near our major resistance level. Should we get a reversal, we will be looking for a break of this channel pattern and also look for a correction further down to add entries