USDJPY Long After a Break of the Confluence Zone at 131 🦐
Based on the 4 hour timeframe, the USDJPY pair is currently in a bearish trend, as evidenced by its price action inside a descending channel.
The market has recently tested the upper trendline of the descending channel with equal highs and rising lows, this could indicate a potential bullish reversal and a shift from bearish to bullish momentum.
The price of USDJPY was rejected by the daily resistance at the 131 level and tested the 50% level of the Fibonacci retracement, this could indicate that the bears are still in control of the market, but the bulls may be trying to regain momentum.
We can consider trading a long order on USDJPY, after a break of the resistance zone at the 131 level, confirm the clear break above the confluence zone, and set a position according to the Plancton's strategy.
Using multiple timeframes, and tools can help validate the trade setup and adjust your trade as needed.
The market has recently tested the upper trendline of the descending channel with equal highs and rising lows, this could indicate a potential bullish reversal and a shift from bearish to bullish momentum.
The price of USDJPY was rejected by the daily resistance at the 131 level and tested the 50% level of the Fibonacci retracement, this could indicate that the bears are still in control of the market, but the bulls may be trying to regain momentum.
We can consider trading a long order on USDJPY, after a break of the resistance zone at the 131 level, confirm the clear break above the confluence zone, and set a position according to the Plancton's strategy.
Using multiple timeframes, and tools can help validate the trade setup and adjust your trade as needed.
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