Analysis on #USDJPY
The Yen is at its weakest level in more than seven years due to the increase in bond yields leading to a strong dollar with no signs of stopping, but looking at the chart I see the market currently trading near its trend line resistance just around 118.00 strong number.
This week we have the FED rate decision that could send the dollar sky rocking, however, almost every trader is long the dollar against the yen and we could see profit-taking leading to reversal as the market will not be able to maintain this momentum.
>> If the market forms a bearish reversal pattern on the lower time frame like 4H or 1H and combines that with my ABCD bearish harmonic pattern, I will then look for a selling trade with a good risk to reward if the entry rules are met.
⚡ Be aware due to the global tension we currently live In, markets are not following or respecting chart patterns and technical analysis.
________________________________________
💭 | Comment your thoughts below, I always answer.
📥 | Feel free to message me if you have any questions.
Thanks for your continued support!
________________________________________
Disclaimer: This information is not a recommendation to buy or sell. It is to be used for educational purposes only*
The Yen is at its weakest level in more than seven years due to the increase in bond yields leading to a strong dollar with no signs of stopping, but looking at the chart I see the market currently trading near its trend line resistance just around 118.00 strong number.
This week we have the FED rate decision that could send the dollar sky rocking, however, almost every trader is long the dollar against the yen and we could see profit-taking leading to reversal as the market will not be able to maintain this momentum.
>> If the market forms a bearish reversal pattern on the lower time frame like 4H or 1H and combines that with my ABCD bearish harmonic pattern, I will then look for a selling trade with a good risk to reward if the entry rules are met.
⚡ Be aware due to the global tension we currently live In, markets are not following or respecting chart patterns and technical analysis.
________________________________________
💭 | Comment your thoughts below, I always answer.
📥 | Feel free to message me if you have any questions.
Thanks for your continued support!
________________________________________
Disclaimer: This information is not a recommendation to buy or sell. It is to be used for educational purposes only*
