I am new to trading & any advice or feedback is welcome via comments or in the chat. Looking for opportunities to learn new information & techniques.
I have done some analysis on the USD/JPY . The analysis has been done on the on the 1 day chart
The price has just touched the trendline now I will be going short on this pair when the market open on Monday, as here is a good opportunity to sell. this trendline has also been tested 5 times also showing that it is a strong trendline. I set my resistance Zone at 114.018 as this zone had been tested around 5 times and looked like a strong zone. The support line has been plotted at 104.118 this has been tested twice this is also where to TP will be set. It has just gone below the EMA and tested on the last day before market close so I will see what happens when market opens.
I would place my:
EP @ 112.200 or around that area
SL @ 115.000
TP @ 104.118
let’s see how this plays out
Legend:
Light Blue line = Trendline
Green line = Support line
Red line = Resistance line
Green dotted line = TP Line
Red dotted line = SL line
Green box = Support zone
Red box = Resistance zone
I have done some analysis on the USD/JPY . The analysis has been done on the on the 1 day chart
The price has just touched the trendline now I will be going short on this pair when the market open on Monday, as here is a good opportunity to sell. this trendline has also been tested 5 times also showing that it is a strong trendline. I set my resistance Zone at 114.018 as this zone had been tested around 5 times and looked like a strong zone. The support line has been plotted at 104.118 this has been tested twice this is also where to TP will be set. It has just gone below the EMA and tested on the last day before market close so I will see what happens when market opens.
I would place my:
EP @ 112.200 or around that area
SL @ 115.000
TP @ 104.118
let’s see how this plays out
Legend:
Light Blue line = Trendline
Green line = Support line
Red line = Resistance line
Green dotted line = TP Line
Red dotted line = SL line
Green box = Support zone
Red box = Resistance zone