Trend Line Resistance + Double Top+S turned R = BIG SELL USDJPY
I will list the factors that might lead to a BIG SELL on UJ soon.
1)Looking left, you can see that price broke out VERY STRONGLY from the symmetric triangular formation(light purple triangle.) This is a BEARISH SET-UP.
2) The Trend Line Resistance(Royal Blue line) has capped the upside since October'18. And this week as well, it has managed to stop the upside.
3) Previous DOUBLE BOTTOM SUPPORT(Green arcs) was broken strongly as well. Now this area(horizontal orange line) has become "SUPPORT TURNED RESISTANCE".
4) POTENTIAL DOUBLE TOP(red arcs) which seems to have stopped the rally once again.
So, in light of the above-mentioned factors, I will advise traders to look for sell between 111.90-112.10 with SL above 112.55
TPs can be set at 110.90 and 109.80 respectively.
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1)Looking left, you can see that price broke out VERY STRONGLY from the symmetric triangular formation(light purple triangle.) This is a BEARISH SET-UP.
2) The Trend Line Resistance(Royal Blue line) has capped the upside since October'18. And this week as well, it has managed to stop the upside.
3) Previous DOUBLE BOTTOM SUPPORT(Green arcs) was broken strongly as well. Now this area(horizontal orange line) has become "SUPPORT TURNED RESISTANCE".
4) POTENTIAL DOUBLE TOP(red arcs) which seems to have stopped the rally once again.
So, in light of the above-mentioned factors, I will advise traders to look for sell between 111.90-112.10 with SL above 112.55
TPs can be set at 110.90 and 109.80 respectively.
If you like this idea, please encourage me with your thumbs up. I appreciate your valuable comments and feedback as well.
To receive daily ideas and updates, don't forget to check my signature at the bottom of this idea.
Giao dịch đang hoạt động:
Trade active at 112.10 holding profits worth 60 pips now. Moving SL at breakeven