Hey traders,
This a potential setup forming on the USDJPY H1 Charts.
i have my red trend line drawn which was previously broken.
Looks like price is now coming back up to retest it.
Price action wise - we currently have a pinbar, but we must wait for the hour to close before deciding.
If price can maintain the pinbar or form a strong bearish close, then that would be the signal to go short.
On the MACD we see that bullish momentum is also running out as the bar sizes are decreasing.
This is also the 50% fib level from the previous daily high last Wednesday.
Daily trade analysis and ideas:
Telegram: t.me/Forexdojo
Facebook: www.facebook.com/FXShinobi
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ForexShinobi
This a potential setup forming on the USDJPY H1 Charts.
i have my red trend line drawn which was previously broken.
Looks like price is now coming back up to retest it.
Price action wise - we currently have a pinbar, but we must wait for the hour to close before deciding.
If price can maintain the pinbar or form a strong bearish close, then that would be the signal to go short.
On the MACD we see that bullish momentum is also running out as the bar sizes are decreasing.
This is also the 50% fib level from the previous daily high last Wednesday.
Daily trade analysis and ideas:
Telegram: t.me/Forexdojo
Facebook: www.facebook.com/FXShinobi
Twitter: forex_dojo
Instagram: www.instagram.com/jaylen.forex/
Website: www.forexshinobi.com
Tiktok: @forexshinobi
ForexShinobi
