USDJPY Daily - Short
115.769 area is showing signs of support as price has rallied off it twice.
There seems to be signs of either a rectangle happening with support at the same level or a bear channel developing (shown by the colours orange and red).
The next few days should either show a rejection from the bear channel suggesting that price will continue a bear trend. Otherwise, price should break through the bearish channel and make its way to the "big resistance" - Failure to break and close beyond the "big resistance" will be a triple top and is a clear indication for shorting.
Once technicals are aligned I will confirm action with 3 MA (4,9,18) on hourly charts for optimal entry within the high price areas with a target at 110 with stops either above channel or resistance.
Aside: There was a great opportunity to take an early short position at the 4 Day MA cross over near the resistance level. Since I did not take this position I am awaiting solid confirmation signals before looking at the hourly for optimal position.
There seems to be signs of either a rectangle happening with support at the same level or a bear channel developing (shown by the colours orange and red).
The next few days should either show a rejection from the bear channel suggesting that price will continue a bear trend. Otherwise, price should break through the bearish channel and make its way to the "big resistance" - Failure to break and close beyond the "big resistance" will be a triple top and is a clear indication for shorting.
Once technicals are aligned I will confirm action with 3 MA (4,9,18) on hourly charts for optimal entry within the high price areas with a target at 110 with stops either above channel or resistance.
Aside: There was a great opportunity to take an early short position at the 4 Day MA cross over near the resistance level. Since I did not take this position I am awaiting solid confirmation signals before looking at the hourly for optimal position.
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