Hi Traders! USDJPY critical zone provides sell opportunity for us. In the below video you will find a detailed explanation of this sell opportunity:
USDJPY D1 Chart:
On the daily chart the price is moving inside a channel, this channel is formed by the uptrend line and an alternative trend line. The price which is respecting this channel so far is currently nearing the top of this channel. We also have a significant level at around 114.60 and the fibo levels of the cycles also coincides with the top of this channel thus forming a critical zone for us. We may now expect the price to move higher and reach this critical zone with bearish divergence to form. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
USDJPY H4 Chart:
On the H4 chart we have multiple false breaks and bearish divergence which we may consider as evidences of bearish pressure. Everything looks good here for the bears, we may now look for more bearish evidences in order to start looking for sells.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
If you want to learn how to do such analysis yourself, if you are looking for a professional team of traders and one of the best online trading communities, If you are looking for enormous archive of Webinars, Trading Tools, Trading Strategies, Books, Indicators, Expert Advisors and much much more, join my traders academy club for only $197 PER YEAR.
Also you can get one of my strategies free of charge. You will find all the details here
Chief Trader at Traders Academy Club