USDJPY - Bearish Pin Bar + Inside Bar Combo Setup
Relevant Key Levels: Resistance 112.00, 111.00, 109.00, 107.80 and 106.80. Support 104.60
Price Action: Bearish Pin Bar forms inside larger Mother Bar, a break down below the pin bar low is a bearish signal. Price false breaks below the Inside bar earlier this week. False Break and reversal occurred at 109.00 resistance which has led to a subsequent collapse in prices back below 106.80 support.
Current Notes: Price rallied strongly mid this week but is being contained at overhead resistance. bias has turned aggressively bearish last week, slicing back below the major 106.80 support level.
Potential Trade Idea: We will consider selling short on a clear price action sell signal (eg, a break below the pin bar low) whilst prices remain below the 106.80 to 107.80 resistance zone, targeting a move to 106.80 and then 104.60.
Nial Fuller is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. Checkout Nial's Blog - Learn To Trade The Market.
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