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USD/JPY POTENTIAL SHORT SWING TRADE
FOLLOWING UP WITH FUNDAMENTAL ANALYSIS ON THE USD, CURRENCY WEAKENS AND USES 109.5 AS SUPPORT OVER THE LAST COUPLE OF DAYS. CURRENTLY TRUMP HAVING TALKS WITH CHINA IS ALLOWING A RANGING MARKET THEREFORE IF TALKS WITH CHINA GOES WELL. I'M LOOKING FOR PRICE TO BREAK OUT BULLISH .
TECHNICAL ANALYSIS IS SHOWING A POTENTIAL DOUBLE TOP BEING FORMED AFTER BREAKING THROUGH A MAJOR TREND (BOJ HOLIDAY). IF PRICE DOES BREAKOUT BULLISH FROM THE SUPPORT IT'S AT NOW, I'M EXPECTING PRICE TO RETEST IT'S PREVIOUS TREND AND IF CONFIRMS FIBONACCI RETRACEMENT BY HAVING THE 4H CANDLE CLOSE BELOW PRICE 111.205
WE WOULD PATIENTLY WAIT FOR PRICE TO DROP AND ACTIVATE THE SELL LIMIT ORDER AT DAILY RESISTANCE (111.0) OR HAVING A SELL STOP ORDER IN PLACE AT PRICE 111.0 . CONFIDENT ENTRY PRICE WOULD BE SNIPED THEN TARGETING 100% ( 109.5 ) ON FIBONACCI EXTENSION . FINAL TARGET WOULD BE THE WEEKLY SUPPORT, FURTHER ANALYSIS WILL BE MADE ONCE PRICE CLOSES AT THE DAILY SUPPORT.
TECHNICAL ANALYSIS IS SHOWING A POTENTIAL DOUBLE TOP BEING FORMED AFTER BREAKING THROUGH A MAJOR TREND (BOJ HOLIDAY). IF PRICE DOES BREAKOUT BULLISH FROM THE SUPPORT IT'S AT NOW, I'M EXPECTING PRICE TO RETEST IT'S PREVIOUS TREND AND IF CONFIRMS FIBONACCI RETRACEMENT BY HAVING THE 4H CANDLE CLOSE BELOW PRICE 111.205
WE WOULD PATIENTLY WAIT FOR PRICE TO DROP AND ACTIVATE THE SELL LIMIT ORDER AT DAILY RESISTANCE (111.0) OR HAVING A SELL STOP ORDER IN PLACE AT PRICE 111.0 . CONFIDENT ENTRY PRICE WOULD BE SNIPED THEN TARGETING 100% ( 109.5 ) ON FIBONACCI EXTENSION . FINAL TARGET WOULD BE THE WEEKLY SUPPORT, FURTHER ANALYSIS WILL BE MADE ONCE PRICE CLOSES AT THE DAILY SUPPORT.
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