FullTimeTrader

USDJPY-top down analysis and short entry

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FX:USDJPY   Dólar Americano/Iene Japonês
6
At first sight this pair looks messy but doing a top down approach i can see what the price is telling us more clear.

First take a look at monthly chart
The price needs a deeper correction at a strong resistance.

Weekly chart analysis
The big bearish divergence is still in play

Here on D1 chart we see a clear sequence of HH,HL. Finally the price broke the trendline and retested it at the 0.61 fib retracement.
We can see also a HS pattern forming.
May be we are at the poing C of a future bullish pattern also.
The entry is a the retest of 120.00 level to have a better R/R ratio

Best regards.



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