okay so here's full transparency on my analysis. last night before the markets opened i did my analysis for the week so im sharing my thoughts on USDJPY.
im looking for a good bullish setup and there's two possible scenarios i'm looking at. the second will follow in the next post.
last night i waited for the markets to open and give me an indication of its intended direction. i have concluded that there's two possible ways of achieving my analysis.
1)the market opened and proceeded to the resistance level of 113.237 forming a nice double top for a good shorting opportunity. first target for short trades(which i do not advise to execute right now) is the strong SUPPORT at 112.647. after this i'm looking for a bearish engulfing candle after the market respects this One. once the zone is broken i'm looking for a retest to enter short. it should be also noted that there's a longer term head and solder pattern formation and after entry of the above explained short trade i will be looking for the break in the shoulder to achieve my full bearish profit targets . there's a lot of potential to this trade and it should not be rushed nor should it be given up on due to unexpected market behavior.
my second possible scenario will be posted shortly. Good luck to all
im looking for a good bullish setup and there's two possible scenarios i'm looking at. the second will follow in the next post.
last night i waited for the markets to open and give me an indication of its intended direction. i have concluded that there's two possible ways of achieving my analysis.
1)the market opened and proceeded to the resistance level of 113.237 forming a nice double top for a good shorting opportunity. first target for short trades(which i do not advise to execute right now) is the strong SUPPORT at 112.647. after this i'm looking for a bearish engulfing candle after the market respects this One. once the zone is broken i'm looking for a retest to enter short. it should be also noted that there's a longer term head and solder pattern formation and after entry of the above explained short trade i will be looking for the break in the shoulder to achieve my full bearish profit targets . there's a lot of potential to this trade and it should not be rushed nor should it be given up on due to unexpected market behavior.
my second possible scenario will be posted shortly. Good luck to all
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sorry i made an in my wording above. i meant i am looking for a bearish setup