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Potential Short Trade for USDJPY
The analysis on the left was done previously but i did not post. Posting together with this one just for my personal note taking.
Note: I believe that my analysis previously was correct because while it was on a flag pattern, there was a RSI divergence formed. Thus, a breakout was highly likely. With the eventual breakout of the trendline, we saw support to be at the first minor support and a minor pullback before we hit our eventual 2nd TP.
Current Analysis: I believe that the USDJPY has just completed another pullback and this is a high probability scalping trade in my opinion with a 1:1 risk-reward ratio. If we see a breakout from the strong support level identified as the Take-Profit level, then i believe a further downward movement is in play. In my opinion, this is highly likely, though i will only enter if there are any price actions formed that confirms my analysis.
Disclaimer: i do not provide any investment advice for this post. This is merely a notetaking for myself.
I welcome any constructive comments.
Note: I believe that my analysis previously was correct because while it was on a flag pattern, there was a RSI divergence formed. Thus, a breakout was highly likely. With the eventual breakout of the trendline, we saw support to be at the first minor support and a minor pullback before we hit our eventual 2nd TP.
Current Analysis: I believe that the USDJPY has just completed another pullback and this is a high probability scalping trade in my opinion with a 1:1 risk-reward ratio. If we see a breakout from the strong support level identified as the Take-Profit level, then i believe a further downward movement is in play. In my opinion, this is highly likely, though i will only enter if there are any price actions formed that confirms my analysis.
Disclaimer: i do not provide any investment advice for this post. This is merely a notetaking for myself.
I welcome any constructive comments.
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