Price retraced back to 61.8 % of Fibonacci and monthly resistance.

usdjpy-d

It looks like to good opportunity to short it exactly here. But when we move down to 4h chart, we don’t see any obvious short signal.

usdjpy-4h

Even more, 4h chart looks that price want to go even more up. So I noticed, that next short option to watch for is at blue trend line and 55 EMA (1). Next maybe even more possible option to short I see at WPP, MPP and 78.6 % Fibonacci retrace cluster.

To short it, I would at least want to see some bearish price action signal at marked spots on 4h chart, so it could be pin bar, fakey setup or bearish outside bar.

 

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