A Short technical setup on this pair
UsdJpy Daily Chart
Price has failed to break and trade above the 115.00 handle for the third this year, marking this level as a key level of resistance. Having came off MR1, the pivot target is MS1 at 112.00. With an oversold stochastic one would expect price to edge up higher to retest at 112.500 MM2.
UsdJpy H4 Chart
We had a reversal pattern that signaled a change in direction of the market. The market is now bearish and a retest at WPP which coincides with MM2 would hand me another opportunity to sell.
UsdJpy H1 Chart
Price has been ranging for most the day with the 21 MA acting as dynamic resistance. A retracement up to 112.500 is an ideal level for me to sell, though you'd get bears selling off the 21
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