Hey traders, hope your week is going well! One of the pairs on my radar today is the USDJPY where we have had a retest of previous structure resistance & may be putting in a 2nd chance opportunity at getting short in the form of a potential double top.
What stands out to me about this situation is the fact that we've recently taken out a key level of previous structure support and on the retest, we start to confluence from our RSI in the form of hidden divergence and an RSI swap.
Although I don't have a long-term bearish bias for the USDJPY this is certainly an opportunity to place a short-term short with a stop loss that is close.
Akil
What stands out to me about this situation is the fact that we've recently taken out a key level of previous structure support and on the retest, we start to confluence from our RSI in the form of hidden divergence and an RSI swap.
Although I don't have a long-term bearish bias for the USDJPY this is certainly an opportunity to place a short-term short with a stop loss that is close.
Akil
Comment:
If you were waiting for the double top to entry at this point I would consider the move to have already been made and pass on it as price has already achieved the initial target level.
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