USD/JPY Analysis: Sell Opportunity Near Daily ResistanceThe USD/JPY pair is approaching a strong resistance level around 154.00 on the Daily timeframe. This zone has historically served as a key barrier, with price often facing selling pressure upon reaching this level. A potential sell setup may present itself if a bearish reversal pattern forms.
Key Technical Insights:
Daily Resistance at 154.00: This level has acted as a major resistance in the past, limiting the pair's upward momentum. Price nearing this zone increases the chances of a pullback or reversal if sellers re-enter the market.
Look for Bearish Reversal Patterns: To confirm a potential entry, watch for a bearish candlestick pattern on lower timeframes (such as H4 or H1), like a bearish engulfing or pin bar. These patterns would indicate strong selling interest and provide a safer entry point.
Trade Plan:
Entry: Consider a sell entry on confirmation of a bearish pattern at or near 154.00.
Stop Loss: Place a stop above 154.50 to protect against potential breakouts.
Take Profit: Initial target at 150.00, with the potential to extend lower if bearish momentum sustains.
The resistance at 154.00, coupled with potential bearish patterns, offers a favorable setup for a short trade on USD/JPY.
FX:USDJPY OANDA:USDJPY FOREXCOM:USDJPY SAXO:USDJPY FX_IDC:USDJPY
