Hi Traders! USDJPY weekly range provides sell opportunity for us. In the below video you will find a detailed explanation of this potential bearish opportunity:
USDJPY Weekly Chart:
On the weekly chart the price is moving inside a range, this range is formed by the highs and lows reaching similar support and resistance zones. The price which is moving inside this range is respecting it so far and is currently nearing the bottom of it. We may now look for evidences of bearish momentum on lower timeframes in order to join the bears.
USDJPY H4 Chart:
On the H4 chart we have a beautiful downtrend line that has formed and the price which is respecting it so far has currently reached this dynamic resistance again. In addition to this the price is also nearing a strong resistance zone. We also have a bearish hidden divergence in play which we may consider as an evidence of bearish pressure.
USDJPY H1 Chart:
On the H1 chart the price which is moving higher has created a bearish divergence which we may consider as an evidence of bearish pressure. We may now look for more bearish evidences and then 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.
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