USDJPY 240 Pips drop expected will it reach 103.00 level ?

3 Nov 2020

USDPY
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⏳4 Hour chart
🎲 Possible entry analysis
⛳️ Possible bull/bear target
📚Educational

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Detailed analysis 💬

1️⃣Clear Downtrend since July-2020
2️⃣ 104.00 Acted as dynamic support and resistance
3️⃣ Risk off mode and Rising of virus infections, US 2020 election
4️⃣ 105.00 Key psychological resistance
5️⃣ Price Movement within the broader Downtrend channel
6️⃣Counter trend line will act as resistance
7️⃣ Technical support - Bear
8️⃣ Short term bullish movement towards 105.500
9️⃣ October high Immediate resistance
🔟 DXY-awaiting US election results - Currently neutral for USDPY
#️⃣ Overall bearish trend

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📉 Technical bias-H4-Bearish

Below 200 Exponential moving average
200EMA acting as immediate support - Bearish trend
Possible entry point-105.500
Relative strength index - Around 60 well above the neutral area
MACD- Is still above the line and about to cross the line and the histogram is fading ,Oscillators are still upward
Stochastic -at 75 Which is over bought territory and bearish divergence has formed in H4
Ichimoku cloud -cloud is red-Cloud Support-Bear
Bollinger band- Price is around higher band-Middle band will acting as dynamic support/resistance

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Key reversal area's
104.00 Key psychological level
106.150 October month high
105.500 Dynamic support and resistance
105 Key psychological level-Major key reversal area
103.00 Lower trend line reversal area
105.500 Possible entry- Bearish
105.500 Break and retest around this area-Alternative entry-Bullish

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Bearish entry #USDJPY

Entry price - 105.500

Take profit 01 - 104.800 (70 pips)
Take profit 02 - 104.100 (140 pips)
Take profit 03 - 103.100 (240 pips)

🚫 Stop lose 105.940 (45 pips)

Alternative bearish entry-105.700 ( Break and retest )

⬇️ 2.14% Growth expected
⤴️ Account growth 0.56 : 2.14
✅ Risk reward ratio 1 : 3.8

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