Hi Traders! Today I am sharing with you my USDJPY short term forecast and technical analysis post. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available
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On the H4 chart, the price reached a key resistance zone that has formed based on the 161.8%(153.013) Fibonacci expansion level of the first wave and the 61.8%(154.341) Fibonacci expansion level of the second wave. The price has currently reached this key resistance zone. Also, we have a potential bearish divergence that is forming between the first high which formed at 149.117 and the second current high which formed at 153.180 based on the MACD indicator which we may consider as evidence of bearish pressure. In addition to this, the RSI indicator has reached the overbought level which we may consider as yet another evidence of bearish pressure. So basically I expect this pair to build more reversal signs soon, we may then expect potential short term bearish moves to happen here.
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term 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.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team.
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