USDJPY - Following The Bears!

23 сент.

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈USDJPY has been bearish trading within the flat falling channel in red.

Currently, USDJPY is undergoing a correction phase and approaching the upper bound of the channel.

Moreover, the zone marked in blue is a previous major low.

🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the major low and upper trendline acting as non-horizontal resistance.

📚 As per my trading style:
As #USDJPY approaches the red circle, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich