Possible break of uptrend channel
Analysis
USDJPY fell and broke down from previous ascending trend channel and now floating above 9 MA on daily, 50MA on 4H, 100MA on 2H and 200MA on 1H. RSI dropped significantly from overbought on daily, decreasing to below 50 on 4H and oversold on lower time frames since yesterday's downward movement.
I expect price to move up slightly to retest the previous trend line, and if getting rejected, it can indicate a further downward move.
Liquidation
Price can easily revert back up to at least the trend line and possibly higher around 134.24 to grab some liquidity. Checking fibs it can reach 134.069 first, if break it should reach around 134.294 where stronger resistance awaits. Price may go up from 134.344 which is 0.382 fib since the recent top.
Entry
134.05 - 134.294
SL
above 134.294
TP
TP1: 133.622
TP2: 133.4
TP3: 132.6
Expected Pips
40 - 140 pips
Expected Delivery
max 2 days
Alternative Scenario
Price bounce back up and stay within the uptrend channel
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Disclaimer: Chart is static market is not. I learn from losses and mistakes just like everyone else. No financial advise is given here. Your money, your own risk. :) And Good luck.
USDJPY fell and broke down from previous ascending trend channel and now floating above 9 MA on daily, 50MA on 4H, 100MA on 2H and 200MA on 1H. RSI dropped significantly from overbought on daily, decreasing to below 50 on 4H and oversold on lower time frames since yesterday's downward movement.
I expect price to move up slightly to retest the previous trend line, and if getting rejected, it can indicate a further downward move.
Liquidation
Price can easily revert back up to at least the trend line and possibly higher around 134.24 to grab some liquidity. Checking fibs it can reach 134.069 first, if break it should reach around 134.294 where stronger resistance awaits. Price may go up from 134.344 which is 0.382 fib since the recent top.
Entry
134.05 - 134.294
SL
above 134.294
TP
TP1: 133.622
TP2: 133.4
TP3: 132.6
Expected Pips
40 - 140 pips
Expected Delivery
max 2 days
Alternative Scenario
Price bounce back up and stay within the uptrend channel
---
Disclaimer: Chart is static market is not. I learn from losses and mistakes just like everyone else. No financial advise is given here. Your money, your own risk. :) And Good luck.