USDJPY Bearish Trend with entry setup!

19 ago 2023

On USD/JPY, I've identified a bullish structure that was breached on Friday during the London session. Additionally, the price has started forming a strong bearish trendline supported by the price at the 146 level. Furthermore, the price has broken a swing low at the 145.60 level, establishing a key zone, namely a supply zone, where I'll be looking for a short trade entry point. This zone has a range of 60 pips, ranging from 145.60 to 146.20.

For this trade, the stop will be placed above the swing high at the 143.38 level, while the target is set at the nearest swing low or demand level, specifically at the 144.72 level, resulting in a trade risk-reward ratio of 1:1.3. Let me know your thoughts, give it a like, and leave a comment. Happy trading, everyone!