USDJPY
hello guys , I hope you're all well and having nice time .
let's see USDJPY now , I think the bears are entering right away for a nice short , but we need to hold on and wait for the candle to be closed and also we must take the confirmations .
As we can see in the chart
1- the price has touched a very important resistance with 3 touches , so our resistance is very strong .
2- the momentum has decreased and it's becoming bearish
3- RSI is in overbought range (77)
4- there is also a bearish divergence (RSI) in 1h timeframe
5- there is a bearish cross on MACD but in 1h timeframe
So must we go a short ?
I also show the important support and resistance levels in the chart :
111.650
110.800
110.400
110.155
109.600
109.120
108.770
so your taking profit is better to be set on one of mentioned levels but anyway it's your personal decision according to your trading strategy , personality and your risk and and money management .
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