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USD/JPY Potential Downward Movement

USD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 114.856, 115.481, 116.000.

Key Support Levels: 114.329, 113.469, 112.780.

Daily Chart:

The price on the higher time frame failed to break the strong resistance around the 114.856 JPY mark and posted an engulfing bearish pattern which signals that the market might reverse and move to the downside in the coming hours.

USD/JPY Medium-Term Trend: Bearish

1-Hr Chart:

On the lower time frame, the price managed to break the bearish flag pattern to the downside where it found sellers around the 50.00% Fibonacci retracement. A higher correction could be seen before a new bearish impulsive wave toward the target profits.

Signal Idea:

Sell Limit Order @ 114.229

TP 1 @ 113.479

TP 2 @ 112.780

Stop Loss @ 114.559

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. Potential upward but sell limit?

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