USDJPY: Sell Signal from Resistance Zone

2019-12-17 19:08:34

I wrote about a possible sell opportunity in this market based on the lower timeframes. If you did not read that post, you can find it in the related ideas.

Look at the left side of the chart, please. You can see that after the upward movement, the price broke the local uptrend line and dropped. We got a sell opportunity from the resistance zone.

The same setup we should wait this time. If the price breaks the local uptrend line, it will give us a good sell opportunity with the stop orders above 109.715 and profit targets at 109.00 and 108.430 support

If the price breaks 109.715 and continues the upward movement, we will have to think about new trade opportunities.

What do you think about such a plan? Share your ideas in comments below this post. Also, I will be grateful for your LIKEs.