Alright Traders,
Here's my breakdown of USD/JPY's next moves:
The price has been repeatedly testing a strong resistance zone (those areas I've highlighted). It's really trying to push through, but this resistance is holding firm.
Here's the game plan:
If price successfully breaks above this resistance, we could see a strong bull run. My target for this move would be the 150 - 151 JPY zone (that yellow highlighted area).
However, if price gets rejected from this resistance again, going short could be a good idea. We might see it drop to test the 61.80% Fibonacci retracement level, or even further down to the 50% Fibonacci level.
I've put this analysis together using Fibonacci retracements, moving averages, trend lines, and price action.
Patience is key here. We need to wait for clear confirmation: either the resistance breaks, or price gets rejected and breaks the trendline support for a short entry.
Trade smart!
Here's my breakdown of USD/JPY's next moves:
The price has been repeatedly testing a strong resistance zone (those areas I've highlighted). It's really trying to push through, but this resistance is holding firm.
Here's the game plan:
If price successfully breaks above this resistance, we could see a strong bull run. My target for this move would be the 150 - 151 JPY zone (that yellow highlighted area).
However, if price gets rejected from this resistance again, going short could be a good idea. We might see it drop to test the 61.80% Fibonacci retracement level, or even further down to the 50% Fibonacci level.
I've put this analysis together using Fibonacci retracements, moving averages, trend lines, and price action.
Patience is key here. We need to wait for clear confirmation: either the resistance breaks, or price gets rejected and breaks the trendline support for a short entry.
Trade smart!
Note
TP 1 hit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.