๐"USDJPY Breakout: Nowruz Forex Insights"๐๐ฏ๐ต
Happy Nowruz! ๐๐
Let's analyze this popular forex pair together. ๐๐๐ผ
Currently, after an uptrend in the daily timeframe, we have reached one of the most significant resistances in this currency pair.๐ฆ๐ก
The line at 151.750 is the most crucial resistance at the moment in the weekly timeframe, and after breaking this resistance, the possibility of starting another uptrend for this currency pair exists. ๐๐ช
The Bank of Japan is unlikely to allow the loss of this resistance, but in case of a breakthrough, the targets of 153.062, 154.832, and 57.116 are in line for us. ๐ฏ๐ฅ
Furthermore, after rejection from this resistance, we need a change in trend to open a short position, which is not currently favorable. However, in lower timeframes, with the fake breakout strategy, after the resistance fakes out, you can open a short position.๐๐
This strategy involves going to a lower timeframe after a significant resistance fakes out and returns below the resistance. If there is short-term support and its loss with the smallest stop loss, we will open our position. ๐๐
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.๐ผโ ๏ธ
Let's analyze this popular forex pair together. ๐๐๐ผ
Currently, after an uptrend in the daily timeframe, we have reached one of the most significant resistances in this currency pair.๐ฆ๐ก
The line at 151.750 is the most crucial resistance at the moment in the weekly timeframe, and after breaking this resistance, the possibility of starting another uptrend for this currency pair exists. ๐๐ช
The Bank of Japan is unlikely to allow the loss of this resistance, but in case of a breakthrough, the targets of 153.062, 154.832, and 57.116 are in line for us. ๐ฏ๐ฅ
Furthermore, after rejection from this resistance, we need a change in trend to open a short position, which is not currently favorable. However, in lower timeframes, with the fake breakout strategy, after the resistance fakes out, you can open a short position.๐๐
This strategy involves going to a lower timeframe after a significant resistance fakes out and returns below the resistance. If there is short-term support and its loss with the smallest stop loss, we will open our position. ๐๐
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.๐ผโ ๏ธ
