Setting the Scene: Resistance and Attempts
USDJPY has been knocking on the doors of a strong resistance level, it made 3 attempts and has failed.
Bearish Breakout and Pitchfork
So, what happened next? The price decided to ditch the bullish pitchfork and explore the bearish side. It touched the median line of the bearish pitchfork, and came back up for a quick test of the upper parallel. This happened right below that resistance level I've been talking about.
Intersections
Now, here's what gives me more confidence. The area where the price was mingling—right beneath that resistance level—turned out to be an intersection of the previous bullish pitchfork. To add on, there's a reaction line hanging out nearby, giving vibes of a potential reversal.
My Game Plan: Short Entry and Caution
Alright, so here's my plan. I'm rolling in with a short limit entry at 145.609. My target is set around 144.943. I will be using manual trailing stops to lock profits if any.
Stay Sharp and Adapt
Just a quick reminder, unpredictable market events can throw a curveball at the best of us. Staying in the loop with market news and being flexible with your strategies is key. As you venture forth on your trading journey, may your analysis be sharp, your strategies solid, and your profits, well, substantial! Here's to happy trading! 🚀📈💰
USDJPY has been knocking on the doors of a strong resistance level, it made 3 attempts and has failed.
Bearish Breakout and Pitchfork
So, what happened next? The price decided to ditch the bullish pitchfork and explore the bearish side. It touched the median line of the bearish pitchfork, and came back up for a quick test of the upper parallel. This happened right below that resistance level I've been talking about.
Intersections
Now, here's what gives me more confidence. The area where the price was mingling—right beneath that resistance level—turned out to be an intersection of the previous bullish pitchfork. To add on, there's a reaction line hanging out nearby, giving vibes of a potential reversal.
My Game Plan: Short Entry and Caution
Alright, so here's my plan. I'm rolling in with a short limit entry at 145.609. My target is set around 144.943. I will be using manual trailing stops to lock profits if any.
Stay Sharp and Adapt
Just a quick reminder, unpredictable market events can throw a curveball at the best of us. Staying in the loop with market news and being flexible with your strategies is key. As you venture forth on your trading journey, may your analysis be sharp, your strategies solid, and your profits, well, substantial! Here's to happy trading! 🚀📈💰