JICPT| USDJPY bearish setup with upward momentum weakens
Hello everyone. JPY has been weak against USD since Jan. of last year by almost 30%. With almost 90 degree rise on the monthly chart, I started to notice that usdjpy is coming into solid supply zone(132-135.39).
In my opinion, buyers is likely to take a breath just before arriving at the key zone. The current key support level is 127. If that level broke, I'd like to seek bearish setup on the top around 130.50-131.50
What if the 127 holds well, price may rebound and hit the zone 132-135.39. we can look for long setup on the hour chart base on momentum.
So, in a nut shell, bearish setup is based on reversal with the belief that momentum is not sustainable. The long setup is based on momentum with key level holds well.
What do you think?
In my opinion, buyers is likely to take a breath just before arriving at the key zone. The current key support level is 127. If that level broke, I'd like to seek bearish setup on the top around 130.50-131.50
What if the 127 holds well, price may rebound and hit the zone 132-135.39. we can look for long setup on the hour chart base on momentum.
So, in a nut shell, bearish setup is based on reversal with the belief that momentum is not sustainable. The long setup is based on momentum with key level holds well.
What do you think?
plan your trade and trade your plan