Trade Idea: USDJPY Stalls At A Resistance
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: USDJPY Stalls At A Resistance With A Inside Bearish Candle
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Broken support 110.813 and held as resistance. Targets, 109.02 previous Daily lows and the 107.75 potential 2nd target.
Price Action Signal: Bearish inside candle at a previous broken level.
Chart Notes: The USDJPY Stalls At A Resistance after a week of retracing.
With now having a strong bearish bias again, a good opportunity to catch the next bearish move lower.
Potential Trade Idea:
I am considering selling this pair with room for a 1-1 first target and previous Daily lows. Also with using the descending channel as a potential target.
This setup has plenty of free space, giving the trade idea room to head lower for a good risk to reward.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
Now is your turn:
How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.
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