USDJPY technical analysis -
4H we have created a new high close since Friday's news event.
With current market structure after creating a new high, IF market shows signs of weakness; Sellers or price dropping. Next thing would be to dive into deeper timeframes to get better insight of current market.
1H we failed to create a new high. As we were following higher highs and higher lows, price closed below to create a downtrend.
Price has yet to mitigate out of previous high to create a lower-low to follow structure of a downtrend.
Risk to Reward is over 1:4+
Checks 3 confirmations from my plan. I'm going in!
IF price fails to reach sell limit and goes into lower POI, I will look for accumilation in the area for possible buys!
4H we have created a new high close since Friday's news event.
With current market structure after creating a new high, IF market shows signs of weakness; Sellers or price dropping. Next thing would be to dive into deeper timeframes to get better insight of current market.
1H we failed to create a new high. As we were following higher highs and higher lows, price closed below to create a downtrend.
Price has yet to mitigate out of previous high to create a lower-low to follow structure of a downtrend.
Risk to Reward is over 1:4+
Checks 3 confirmations from my plan. I'm going in!
IF price fails to reach sell limit and goes into lower POI, I will look for accumilation in the area for possible buys!