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USD/JPY Potential Downward Movement

USD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 115.22, 115.48, 115.71

Key Support Levels: 114.04, 113.80, 113.20

Daily Time-frame:

The price on the higher time frame has recently been rejected after touching a resistance point. This price point has shown good resistance previously too and there is reversal again. We expect the price to pick momentum in the downside in the following candles.

USD/JPY Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the price has been moving in a lower-high, lower-low formation and it has recently broken the minor support zone. The move is in the direction of major trend and there is good protection from the upside at the trendline.

Signal Idea:

Sell Limit Order @ 114.82

TP 1 @ 114.04

TP 2 @ 113.60

Stop Loss @ 115.21

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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