USDJPY - Top Down Analysis
Starting with the weekly timeframe, there's some quite noticable bearish Divergence with price action and RSI leading me to believe prices may continue further south.
Let's take a look at the daily timeframe.
On the daily timeframe, I have 2 bearish targets but first I need to see a bit of a pullback towards the descending level of resistance. Reason I'm looking for a bullish pullback is because RSI is currently in the oversold territory. We also have a BOJ interest rate decision this evening at 11:00pm EST.
Let's take a closer look at the 4 hour timeframe
On the 4 hr timeframe I'm waiting for a breakout of the current consolidating range. I'm hoping for a bullish breakout which will lead into my AOI (area of interest) to look for a shorting opportunity.
Lastly let's take a look at the 1 hour.
On the 1 hour timeframe, it's easier to see how much room to the upside I'm waiting for. If we reach the descending level of resistance, I'll monitor the bullish momentum to ensure I'm not entering a short when bulls are strong.
For that reason I have an alert set in place and now all I need to do is wait!
That's it - That's all
Trade Safe
Let's take a look at the daily timeframe.
On the daily timeframe, I have 2 bearish targets but first I need to see a bit of a pullback towards the descending level of resistance. Reason I'm looking for a bullish pullback is because RSI is currently in the oversold territory. We also have a BOJ interest rate decision this evening at 11:00pm EST.
Let's take a closer look at the 4 hour timeframe
On the 4 hr timeframe I'm waiting for a breakout of the current consolidating range. I'm hoping for a bullish breakout which will lead into my AOI (area of interest) to look for a shorting opportunity.
Lastly let's take a look at the 1 hour.
On the 1 hour timeframe, it's easier to see how much room to the upside I'm waiting for. If we reach the descending level of resistance, I'll monitor the bullish momentum to ensure I'm not entering a short when bulls are strong.
For that reason I have an alert set in place and now all I need to do is wait!
That's it - That's all
Trade Safe
I manage forex accounts for HNWI and sophisticated investors.
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Managed Forex Accounts
➡️ manage.forex
Track Record
➡️ tinyurl.com/y67rnwrd
➡️ linkedin.com/in/forexdaytrader
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