Categories: Technical Analysis

Nice Sell Opportunity Building for USDJPY

The US Dollar surged higher Intraday, especially against the Japanese Yen. It is nearing 8-year highs, and facing a monster resistance on the higher time frame. That’s why, I think the USDJPY pair might come under bearish pressure once it reaches around 123.00-20. We need to see how the US Dollar sellers react around the mentioned resistance area and wait for a sell opportunity with bearish divergences on the lower timeframe. Remember, waiting for the right time is very important in the short term.

Technical Analysis
Monthly – Critical resistance around the previous high and the USDJPY pair is heading towards it.

H4 – Wave duplication is also around the highlighted resistance area.

Entry:
H1 – We can enter a sell trade for the USDJPY pair once the pair fails around the 123.00-20 resistance area and forms a bearish divergence.
Target 1: 122.40
Target 2: 122.00
Stop Loss: A 4H close above the high created before entering into the trade.

Video Explanation:

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.