USDJPY could be still going to down. There is some buying effort but fail on test the resistence area. Maybe the price still going to support line. Option to go short is good idea target is on support line.
We could see that there is ultra high volume with low spread candle (yellow star symbol), then price go to resistence with the result price is going down.
The best scenario to go short is waiting price on supply area 1, then see test that happen to resistance area. If there is no demand that can surpass the resistence with easy, then the price is likely still...
From my previous analysis that happend as my scenario, we could see there is still some supply at resistance area (average vol), if there is no sign of weakness, then the price still could going up. Consider buying at above resistence area (with no supply/demand supass the resistance area).
There some demand that show potential short bullish trend. Wait price move around demand area, if there any confirmation signal, go take long position.
In Background at supply area there is some buy climax and no demand, then some supply is going in, is there some opportunity to go short again? But if price could move sudden and close above supply area, there is a high change that the downtrend is end, and start the uptrend prices.
There is no supply show at the background, maybe price still going up. Wait for rebound at fibo 38.2-61.2. Wait for price action then go for long. Always use good MM
No selling pressure, maybe still going up and search the best price too go short. So best option is waiting at demand area, at fibo 38.2 - 50. When there is confirm price action, go for long.
There is major supply that going in, wait for price go rebound at fibo area 50 - 61.8, wait for confirmation signal (ex : canddlestick pattern, price action, or wave), then you could go short. Always use good MM
On Demand Area, there is no selling pressure, and the buyer start to add their trade. If price could break the down-trendline on H4, then the target 1 and 2 should be reached. The ideal area to go long is at the demand area. Trade with good money management, use good risk and reward ratio, ex : 1:1.5.
Its look like the price might be still going down.. best area to go short is at supply area. Always watch the price movement and wait for signal. (price action, break minor uptrendline at lower timeframe, or canddlestick pattern). Look for early entry point at lower timeframe. Always use good MM. ex: minimum risk reward ratio = 1:1.5
The price trend show that it will be going up, but the best option to buy still at the 50 to 61.8 fibo retractment point.
On the price volume show that the buy is at climax point, and some supply show some selling pressure at supply area. The best option now is to go short and take profit at range 50 to 61.8 fibo. Use good MM at least Risk ratio is 1:1.5.
