USDJPY Short Idea - 200 MA Rejection on the Daily
A few confluences:
1. On the daily, price has clearly rejected the 200 MA. The 200 MA is serving as dynamic resistance on the daily timeframe.
2. Price is flirting around a key level in the market (61.8% fib level) from last highest swing point to swing low point).
3. A tweezer top is also formed at this same area, adding additional confluence.
4. On the H4 timeframe we see a break of the trendline and a retest, which is indicative of a sell continuation see this chart and below in comments (www.tradingview.com/x/w1eaf75i/).
5. I would anticipate price to continue to the next key zone in the market, which would give 160 - 200 pips.
This trade idea is for demonstration and educational purposes only. Trade at your own risk. Always use proper risk management
1. On the daily, price has clearly rejected the 200 MA. The 200 MA is serving as dynamic resistance on the daily timeframe.
2. Price is flirting around a key level in the market (61.8% fib level) from last highest swing point to swing low point).
3. A tweezer top is also formed at this same area, adding additional confluence.
4. On the H4 timeframe we see a break of the trendline and a retest, which is indicative of a sell continuation see this chart and below in comments (www.tradingview.com/x/w1eaf75i/).
5. I would anticipate price to continue to the next key zone in the market, which would give 160 - 200 pips.
This trade idea is for demonstration and educational purposes only. Trade at your own risk. Always use proper risk management