Hello Traders,
just to bring to your attention my technical analysis on USDJPY and what I see. Ok, let’s get started.
Here’s USDJPY monthly chart. You will note that price is heading up to a what I believe is a significant resistance level and the evidence for that is market in blue boxes. You can see how many times in the past price has reacted to these level.
HOW I WILL TRADE THIS
- when price nears the resistance level, I will switch to a smaller timeframe, preferably the 4hr & 1hr timeframe.
- I will wait and watch for a bearish reversal candlesticks and use that as my signal to go short.
- Or I can set a sell limit pending order at 124.302 and
- set my stop loss like 30-50 pips above that resistance line (indicated in yellow) and wait and see what happens.
SEE IF THIS CHART BELOW MAKES ANY SENSE TO YOU…
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