Hello traders,
let's discuss the USDJPY currency pair. We recently saw a double-top formation at the trendline resistance, making it an opportune time for a short trade if you follow reversal patterns. However, this would go against the current short-term trend.
Instead, I'm interested in a potential buy entry if the market comes down to test the strong demand zone. This zone also coincides with trendline support and a key market level of 132.00, increasing the probability of a bullish reaction.
As always, it's important to wait for confirmation on lower timeframes before entering a trade. Keep an eye on this setup and stay tuned for further updates.
If you find this analysis helpful, please like and follow for more trading insights. And feel free to share your thoughts in the comments below.
let's discuss the USDJPY currency pair. We recently saw a double-top formation at the trendline resistance, making it an opportune time for a short trade if you follow reversal patterns. However, this would go against the current short-term trend.
Instead, I'm interested in a potential buy entry if the market comes down to test the strong demand zone. This zone also coincides with trendline support and a key market level of 132.00, increasing the probability of a bullish reaction.
As always, it's important to wait for confirmation on lower timeframes before entering a trade. Keep an eye on this setup and stay tuned for further updates.
If you find this analysis helpful, please like and follow for more trading insights. And feel free to share your thoughts in the comments below.
