USDJPY Potential Downside Setup
After the long Bearish Candle on the 4H Chart, there could be a potential Correction to the Upside, maybe to the Fib 50 or 61.80 (which, as you can see, acted as previous RES/SUP). We get more evidence for an upcoming Downmove by the 1D 50/100/200 SMAs and a Breakout of the 1D and 4H Trendline (Two Bottom Charts).
Right now 10.38 (MEZ) I would suggest to wait for an actual corrective move to the 111.121 Area, where Price hits previous Structure on 4H Timeframe + Fib Level.
If Price then starts to Respect that Potential 111.121 RES and moves (also Closes) below 110.540 Level, I would enter Short with a SL on 111.261 and a TP on 109.812 (as it runs in previous Structure there). Yea, its a 1:1, but that's all it offers if you want to stay on the safer side. If you like a little more Risk and you want to ride the !!!Potential!!! Downmove, set your SL at 108.550 (also previous structure).
Always remember, it is just an Idea based on my Analytics, so watch the buildup carefully and only follow my suggestion if you feel comfortable.
If you have any other Ideas on this, I would love to hear that and see what you came up with!
Good Luck!
Right now 10.38 (MEZ) I would suggest to wait for an actual corrective move to the 111.121 Area, where Price hits previous Structure on 4H Timeframe + Fib Level.
If Price then starts to Respect that Potential 111.121 RES and moves (also Closes) below 110.540 Level, I would enter Short with a SL on 111.261 and a TP on 109.812 (as it runs in previous Structure there). Yea, its a 1:1, but that's all it offers if you want to stay on the safer side. If you like a little more Risk and you want to ride the !!!Potential!!! Downmove, set your SL at 108.550 (also previous structure).
Always remember, it is just an Idea based on my Analytics, so watch the buildup carefully and only follow my suggestion if you feel comfortable.
If you have any other Ideas on this, I would love to hear that and see what you came up with!
Good Luck!
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