USDJPY Local S/R| .382 Fibonacci| Untapped Liquidity| 200 MA

27 nov. 2020

Evening Traders,

Today’s analysis – USDJPY- trading below Local S/R where a bearish retest is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance (.382 Fibonacci Confluence)
- Untapped Liquidity Target
- Valid Volume Climax

USDJPY’s immediate price action is impulsive under Local S/R, this allows us to have a bearish bias on the market.

The Local S/R is in confluence with the .382 Fibonacci, a back test here is probable allowing for a short entry.

Untapped liquidity being the target, respecting this area is critical, failure will increase further bearish targets.

There is a valid volume climax at play, price action follow through is needed with sustained volume from the bull side.

Overall, in my opinion, USDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps!

Thank you for following my work!

And remember,

“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas