USDJPY - on daily resistance line - trade set up!

Daily charts showing price hovering at resistance zone as indicated in the chart.

Price is currently forming a nice uptrend formation with higher highs and higher lows on the daily chart.

H4 chart, that is also shared below, shows price has broken inside the zone earlier from below and trying to find support (earlier resistance hoping to become support)

We need to see if the price manages to find support or will breach the zone and once again fall downwards.

If price bounces off the zone upwards, then we can go long and if it breaches again and gets rejected from the resistance line, then we may go short for a quick reversal!

This is a very critical point. On H4 charts, price is forming a descending triangle too and close to its climax zone. Keep an eye as we are about to witness some very interesting moves very soon.

Watch out for this space for action

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Kommentar:

Price has been creating an uptrend and trend may continue till we see a reason to believe otherwise. If price finds support in this zone, then one can look for a long trade and if price is rejected from the resistance zone, then one can go short

Trade ist aktiv:

Did you see the chart, it looks like a double bottom.. we may just see price moving upwards, if this thus happen then price would form a higher high and allow the continuation of the uptrend. Time to go long once again