Hello Guys. I have a trade setup idea on USDJPY. I will be looking for a short signal ๐. From the daily timeframe, we saw sell signals.
DAILY: we saw prices selling off, creating LHs and LLs. Price pushed beneath the current LL and made a retest which has multiple confluences with the 200EMA and Fibonacci golden ratio level(0.5 and 0.618). From the daily chart, we are looking for a bearish continuation signal.
4HR; at the intraday chart, we see the price bouncing off from trendline resistance; the price is currently rejecting the trendline resistance, which is also in confluence with the Daily LL. At the intraday timeframes, we could price in a rising channel, a breakout from this channel and a close beneath the drawn support zone will create a selling ๐ opportunity for sellers to push further beneath 130.781(previous daily swing low).
DAILY: we saw prices selling off, creating LHs and LLs. Price pushed beneath the current LL and made a retest which has multiple confluences with the 200EMA and Fibonacci golden ratio level(0.5 and 0.618). From the daily chart, we are looking for a bearish continuation signal.
4HR; at the intraday chart, we see the price bouncing off from trendline resistance; the price is currently rejecting the trendline resistance, which is also in confluence with the Daily LL. At the intraday timeframes, we could price in a rising channel, a breakout from this channel and a close beneath the drawn support zone will create a selling ๐ opportunity for sellers to push further beneath 130.781(previous daily swing low).