USDJPY: Corrective phase, Short intraday opportunity!
Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the USD/JPY, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Daily timeframe:
4 hours timeframe:
The USDJPY is still clearly in uptrend, got two strong bullish impulsive movements and currently in its corrective phase.
In lower timeframe (4hrs), it’s possible to see how the price formed a big fair value area, approaching a local resistance level during the last trading day.
Considering a strong intraday bullish impulse and a losing of momentum around the resistance level, a retracement or a full move to the downside is expected!
When, where and why would I step into the market?
This fair value area looks quite interesting, since December we can see most trading activity to the downside, clue that sellers are showing their pressure.
I usually don’t step into the market while the price is around the control level, but considering a good rejection on the resistance level and good selling pressure I will place a short position on a clear intraday market reversal.
My stop loss would be above the price control, resistance zone and last swing and take profit around the lower value of the area.
In the scenario of breakout to the upside, no action will be taken on this market.
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Daily timeframe:
4 hours timeframe:
The USDJPY is still clearly in uptrend, got two strong bullish impulsive movements and currently in its corrective phase.
In lower timeframe (4hrs), it’s possible to see how the price formed a big fair value area, approaching a local resistance level during the last trading day.
Considering a strong intraday bullish impulse and a losing of momentum around the resistance level, a retracement or a full move to the downside is expected!
When, where and why would I step into the market?
This fair value area looks quite interesting, since December we can see most trading activity to the downside, clue that sellers are showing their pressure.
I usually don’t step into the market while the price is around the control level, but considering a good rejection on the resistance level and good selling pressure I will place a short position on a clear intraday market reversal.
My stop loss would be above the price control, resistance zone and last swing and take profit around the lower value of the area.
In the scenario of breakout to the upside, no action will be taken on this market.
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
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