USDJPY Dynamic Resistance|Structural S/R|200 DMA|Bullish Div| PA
Evening Traders,
Today’s second analysis – USDJPY- trading at a key Dynamic Resistance where a confirmed break will make the immediate target, Structural S/R.
Points to consider,
- Price Action Lower Highs
- Local S/R Support
- Structural S/R Resistance (200 DMA Confluence)
- RSI divergence
- Stochastics Extended
USDJPY’s immediate price action is projecting lower highs; our bias will change once the Dynamic Resistance is breached with confirmed Higher Highs.
The Local S/R is immediate support that is likely to hold on first attempt that is if Price Action retraces here. There is a current Bullish Divergence at play showing immediate strength in USDJPY.
Current resistance is Structural S/R which is in confluence with the 200 DMA, Price Action is likely to respect this region upon first attempt, and a rejection will confirm a bearish retest.
The stochastics is currently over extended, a reversion to its mean in probable if price starts to correct here.
Overall in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
Today’s second analysis – USDJPY- trading at a key Dynamic Resistance where a confirmed break will make the immediate target, Structural S/R.
Points to consider,
- Price Action Lower Highs
- Local S/R Support
- Structural S/R Resistance (200 DMA Confluence)
- RSI divergence
- Stochastics Extended
USDJPY’s immediate price action is projecting lower highs; our bias will change once the Dynamic Resistance is breached with confirmed Higher Highs.
The Local S/R is immediate support that is likely to hold on first attempt that is if Price Action retraces here. There is a current Bullish Divergence at play showing immediate strength in USDJPY.
Current resistance is Structural S/R which is in confluence with the 200 DMA, Price Action is likely to respect this region upon first attempt, and a rejection will confirm a bearish retest.
The stochastics is currently over extended, a reversion to its mean in probable if price starts to correct here.
Overall in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
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