USDJPY Backtesting the Short-Term Breakdown

USDJPY has been trying to break the previous support turned resistance at 113. As long as it consolidates in these levels then we can expect a continuation of its descent to at least 112.5-112.3 but if it manages to retake and hold above 113 then we can talk about possible long reversal.

Entry: 112.95
SL: 113.1
TP: 112.5-112.3

Any feedbacks are appreciated!

Kommentera:

Moved SL to 113.2 due to possible gap on Sunday Night

Kommentera:

Just a follow-up upon checking the higher timeframes

s3.amazonaws.com/tra...shots/z/ZdtPvjVH.png

4H: Rejected by the 200ma at the 114.4-114.8 area

s3.amazonaws.com/tra...shots/m/msY3t2Fi.png

Daily: Rejected by the 50ma at the same area

Its possible that if we can get a continuation of this move then we might continue until the daily low at the 111.9-111.8 level

Kommentera:

Kommentera:

So it seems it broke the 113 level. Im going to wait for a retest to either reverse the long or hold the shorts

Kommentera:

Looks like short might be the best option depending on how this candle close within an hour from now
s3.amazonaws.com/tra...shots/6/66WlSn0x.png

Trade stängt manuellt:

Reversed to long. 4H candle close favored the bulls