Short Selling Opportunity on Break of Key Support

7 days agoOn the 4-hour chart of USD/JPY, the price has broken below the 34-EMA and 89-EMA, suggesting that the downtrend could continue. The immediate resistance is at 142.429, where a temporary top was previously formed. If the price rallies and fails to clear this level, it could be viewed as an opportunity for traders to short.

The current key support level is at 141.000, an area that has served as a base before. A break below this level could push the price lower to the 140.000 area, creating conditions for a stronger downtrend.

Suggested entry points:
Sell entry point: If the price continues to decline and breaks below the support at 141.000.
Take Profit (TP): At 140.000.
Stop Loss (SL): Should be placed above 142,000 to protect against the risk of a strong price recovery.