USDJPY - Over-Bought Zone!

8 thg 11, 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

USDJPY is overall bullish from a long-term perspective trading inside the brown channel. However it is approaching the upper brown trendline acting as an over-bought zone.

Moreover, the zone 147 - 150 is a strong supply zone .

So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green supply zone and upper brown trendline. (acting as non-horizontal resistance)

As per my trading style:
Since USDJPY is around the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich