USDJPY - Bearish => Bullish => Bearish?

Jun 24, 2024

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 As per my last two analysis (attached on the chart), USDJPY rejected the $160 resistance and traded lower, then rejected the lower trendlines and traded higher.

What's next?

USDJPY has been trading within a medium-term rising channel marked in orange. And currently, it is hovering around the upper bound of the channel.

Moreover, it is retesting the $160 resistance level again.

🏹 Thus, it is a strong area to look for sell setups as it is the intersection of the green resistance and upper orange trendline acting as a non-horizontal resistance.

📚 As per my trading style:
I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich