USDJPY Potential for Bearish Drop towards previous swing low | Market Analysis
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USDJPY Potential for Bearish Drop towards previous swing low
02:31 2023-02-03 UTC--5
Exchange Rates analysis

Description :

Looking at the H4 chart, my overall bias for USDJPY is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a pullback sell entry at 129.204, where the overlap resistance is. Stop loss will be at 131.115, where the recent high is. Take profit will be at 127.215, where the previous swing low is.

Trading Recommendation

Entry: 129.204

Reason for Entry: Overlap resistance

Take Profit: 127.215

Reason for Take Profit:

Previous swing low

Stop Loss: 131.115

Reason for Stop Loss:

Recent high

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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.