USD/JPY: the resistance to hold the price to make it bearish

EagleFX Team EagleFX

USD/JPY made a bullish move to start its trading day. The price already had a rejection at yesterday’s highest high. It has been heading towards the level again. If the level holds the price as resistance again and produces an H1 bearish reversal candle, the price may head towards the South with good bearish momentum by offering a short entry to the sellers.

Trade Summary

Entry: Below 119.100

Stop Loss: Above 109.200

Take Profit 1: 108.983

Take Profit 2: 108.918

Take Profit 3: 108.843

Please Note: A bearish engulfing candle at the resistance would be the best option as the reversal candle. The breakout candle is to be a bearish Marubozu candle closing well below the support. The price may take some time to hit Take Profit 3.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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