Categories: Forex Education

USDJPY – Looking to Sell Around 121.00

We remain bearish on the USDJPY pair, and I think the pair might continue to trade lower. The pair is currently correcting higher, and it looks like it is forming a wave duplication pattern which could complete near 121.00 where we can plan on entering a sell trade. So, we can wait for the pair to trade higher to enter a trade.

Alternatively, if the pair trades lower from the current levels, then we can look to enter a sell trade with a break. There is a bullish trend line formed on the hourly chart, which can fulfil our purpose.

Technical Analysis

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Entry

H1– Chart highlighting the 121.00 resistance area for a sell entry.

Alternative Entry:

H1– We can enter a sell trade in the USDJPY moves lower, breaks the highlighted trend line and settles below it.

Target 1: 118.00
Target 2: 116.50
Stop Loss: Above the last high created before entering the trade

Video Explanation:

Yours,
Vladimir

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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.