***USDJPY*** Bears are starting the week
I believe that USD/JPY will continue bearish at market open. Monday morning market open is always risky but I believe my analysis holds a strong case for it to remain bearish. Firstly on the 5 minute chart, we see a engulfing bearish candle with the overall session pushing to the downside. We are also trending below the 50 MA which to me indicates a continuation of the downtrend. This small pullback has also held up nicely on the FIB as we see strong rejections of the 0.78 and 0.5 zone.
On market open i will wait to see if we see a small retest of the zone and then look at entering for a short, targeting the recent lows. If I am sure the lows will be hit I will trail and stop my way to the bottom of the trend.
Remember this is just my opinion, take it with a grain of salt and use proper risk management.
Please comment, like and follow so I can continue to provide helpful content.
HAPPY TRADING
-MATT
On market open i will wait to see if we see a small retest of the zone and then look at entering for a short, targeting the recent lows. If I am sure the lows will be hit I will trail and stop my way to the bottom of the trend.
Remember this is just my opinion, take it with a grain of salt and use proper risk management.
Please comment, like and follow so I can continue to provide helpful content.
HAPPY TRADING
-MATT
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.