Hello friends,
Today I want to discuss the intra-day opportunity in USDJPY. The price reached the levels i was waiting for and made a false break (which would have been a great sell but was during the night for me) and now we can join on the correction. Keep in mind that once the price reaches the lower up trend line we will most likely switch to bullish mode and look for long entries. Here is the plan for today:
Technical Overview:
H4 – price bounced off of an up trend line (from the highs), up trend line from the lows as well is waiting a bit lower
Entry:
M30 – there is bearish hidden divergence already forming. From the current levels up to 1.20 we can look for an entry. Bearish MACD slope and bearish candle pattern (you can confirm the entry on the M5 chart with regular bearish divergence)
Target 1: 119.50
Target 2: 119.00
Stop Loss: above 120.25
Video Explanation:
