USDJPY Short.
After Price retraced back to the 50DMA, considering that the overall trend direction has been bearish, we look for short opportunity on the lower timeframe employing multiple time frame analysius.
on the 4 hr chart a reversal candlestick pattern had developed an evening star. This candlestick pattern forms the Entry trigger for the trade as the price is already at an area of value for further sell opportunity.
Stop loss was set at the break of market structure as price will be looking to test the 200dma as resistance.
take profit set at swing low area of 105 level. Expect short term consolidation at the 106.71 level.
on the 4 hr chart a reversal candlestick pattern had developed an evening star. This candlestick pattern forms the Entry trigger for the trade as the price is already at an area of value for further sell opportunity.
Stop loss was set at the break of market structure as price will be looking to test the 200dma as resistance.
take profit set at swing low area of 105 level. Expect short term consolidation at the 106.71 level.
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