USDJPY_Struggling at major daily ressistance_4 hour tf_110.000?

OANDA:USDJPY   U.S. Dollar / Japanese Yen
Hello traders,

I'm noticing USD/JPY 0.10% is testing a major overhead resistance level dating back to May 2017 for the third time. Each time this level is respected price proceeds to make quick moves to 110.000 (check out daily chart .)

This stance contradicts my current understanding of market direction. My expectation is XXX/USD pairs falling with the EUR/USD 0.00% head and shoulders pattern that sprung last Thursday. That would mean USD/XXX pairs are expected to move higher, which is why I'm cautious of testing this level a third time.

That being said, the possibility exists that DXY 0.05% could pullback to test the lower shoulder before moving lower. In the event that DXY 0.05% falls, opposite of my bias, I will trade USD/JPY 0.10% in strategy of having the best odds counter trend trading DXY 0.05% and EURUSD 0.00% head and shoulders pattern (see attached trade.)

I'll need to see lower lows hold below 113.200 before I enter. Big news in the coming week with JPY Bank of Japans monetary statement expected some point Monday and USD Federal Reserves Janet Yellen Wednesday at 2:00 PM.

I'll post any entries. Good Luck and patience!

Tanner Elphee – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures , Stock, Options, Cryptocurrencies and Nadex. Also, a full-time college student majoring finance working full time with a small dealership in western VA . I work diligently pursuing my dream of professional trading. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember it is only an opinion. Very eager to learn! Find TElphee on LinkedIn/ Twitter /Trading View

Disclaimer: This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.
Comment: Price is falling nicely. I do expect price to keep falling
Comment: Order raised to short 1% of account in the event price spikes up to 114.470. Stop at 115.200. T1 113.740. T2 113.010.
Lets hope!
Comment: Move down still valid, price moved directly through the cross of the channels. Seems like a powerful sell signal at the moment.


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