#USDJPY 2H
USDJPY (2H Timeframe) Analysis
Market Structure:
The price is trading within a channel pattern, respecting both support and resistance levels. Currently, it is near the upper boundary of the channel, indicating possible resistance.
Forecast:
Wait for a retest of the channel resistance before considering a sell position, as confirmation is required to validate a potential move downward.
Key Levels to Watch:
Entry Zone: After a retest and rejection from the upper boundary of the channel.
Risk Management:
Stop Loss: Placed above the channel resistance or recent swing high.
Take Profit: Target the midline or lower boundary of the channel for potential downside movement.
Market Sentiment:
The setup suggests a cautious bearish bias, but confirmation signals are needed before executing a trade.
Market Structure:
The price is trading within a channel pattern, respecting both support and resistance levels. Currently, it is near the upper boundary of the channel, indicating possible resistance.
Forecast:
Wait for a retest of the channel resistance before considering a sell position, as confirmation is required to validate a potential move downward.
Key Levels to Watch:
Entry Zone: After a retest and rejection from the upper boundary of the channel.
Risk Management:
Stop Loss: Placed above the channel resistance or recent swing high.
Take Profit: Target the midline or lower boundary of the channel for potential downside movement.
Market Sentiment:
The setup suggests a cautious bearish bias, but confirmation signals are needed before executing a trade.
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