USDJPY 1DUS dollar from past few months have been very strong , but finally it has reached to the 151 level in USDJPY pair also this is a psychological level which is a strong resistance zone for the price , can sell now and aim for 1:2RR
Usdjpyweekly
USDJPY TRADING SETUPUSDJPY is trading at supply zone at all important time frames which is High Resistance Level.
At 4hr and 1D Double top pattern has been formed which is extremely bearish in nature.
A range has been formed in 1HR time frame.
Looking for breakdown of that range that I have marked in Rectangle. As range breaks, with confirmation of volume and candle, I will enter the trade with stop loss at Resistance i.e high of Rectangle.
With breaks upside then wait for price action to form. No buy trade in USDJPY.
ENTRY=138.33
TARGET=136.34
SL=138.90
COMMENT BELOW YOUR IDEA
GIVE A LIKE IF YOU AGREE WITH MY SETUP
USDJPY Buyingwill be going for buy at this level. If stop hits, then again go for buy after coming back to retest the trend line or to the marked zone area.
A long term buy in USDJPYThe market has provided a nice impulse move towards the upside and came down for a minimum retracement at a 38.2% of fib retracement on a weekly time frame. Going down to the lower time frame the market has shifted from a 4 hr bearish market to a bullish market. So we took this trade with a good 1:2.5 risk to reward
USDJPY Weekly forecast 29th to 3rd JulyThe 4 hour is turning up against 3/09/2020 low (101.19). 1 hour is turning down against 107.46 high. Near-term, while bounces fail below 107.46 high and more importantly below 109.85 high expect pair to extend lower to correct the cycle from 3/09/2020 low in 7 or 11 swings before upside resume.
Sell USDJPY
@108.10-55
Target: 105.00
SL: 109.50
Good luck
