Hi traders, this is my own analysis and perspective, and it is purely based on technical analysis.
USDJPY is in a ranging market structure, and it has a gravestone on the top of consolidation. Although overall the major trend is UPTREND, we still have an opportunity to short.
Short opportunity: Follow the blue arrow on the chart. I'm forecasting the price will drop to 113.10 or 112.46.
Long opportunity: Follow the red arrow on the chart. If the price formed a reversal signal at 113.10, which is 0.618 of Fibo and also previous trendline, it is a good opportunity to do a long trade.
Thank you.
USDJPY is in a ranging market structure, and it has a gravestone on the top of consolidation. Although overall the major trend is UPTREND, we still have an opportunity to short.
Short opportunity: Follow the blue arrow on the chart. I'm forecasting the price will drop to 113.10 or 112.46.
Long opportunity: Follow the red arrow on the chart. If the price formed a reversal signal at 113.10, which is 0.618 of Fibo and also previous trendline, it is a good opportunity to do a long trade.
Thank you.
Trade geschlossen: Ziel wurde erreicht:
Well, our first target reached! Congrats to traders who follow this setup. On the other hand, we must keep an eye on this pairing as it is currently at the area where a reversal signal may form!
www.tradingview.com/chart/RBgmeWJA/
www.tradingview.com/chart/RBgmeWJA/
