17/12 /2020 USD/JPY short?
Daily
-The downtrend is unbroken ( bearish movement continues).
4H
-During the rejection of the downtrend, which has been going on since March 25, the sideways or range movement that started in late November has broken down by checking the upper limit three times ultimately forming triple top, which means there is great resistance.
-The USD / XXX pair has a big reason to fall, as it is almost clear that the US government will approve the stimulus.
-Currently 103,830 former support level has been broken and became resistance level .
H1
-Also last candle formed into doji after getting rejected on resistance level , which triggered bearish signal after pullback.
M15
-The fall channel is holding tight.
Reason for trading
-Long-term trendline, medium-term range broken down abd stimulus expectations.
ENTRY = 103.168
TP1 = 102. 40
TP2 = 101.25
SL = 104.56
Risk to reward = 2.07
Daily
-The downtrend is unbroken ( bearish movement continues).
4H
-During the rejection of the downtrend, which has been going on since March 25, the sideways or range movement that started in late November has broken down by checking the upper limit three times ultimately forming triple top, which means there is great resistance.
-The USD / XXX pair has a big reason to fall, as it is almost clear that the US government will approve the stimulus.
-Currently 103,830 former support level has been broken and became resistance level .
H1
-Also last candle formed into doji after getting rejected on resistance level , which triggered bearish signal after pullback.
M15
-The fall channel is holding tight.
Reason for trading
-Long-term trendline, medium-term range broken down abd stimulus expectations.
ENTRY = 103.168
TP1 = 102. 40
TP2 = 101.25
SL = 104.56
Risk to reward = 2.07