USDJPY BOUNCES FROM MONTHLY RESISTANCE
One the pairs I have on my radar for spectacular movement is the USDJPY, as price fell from 111.66 which is a key Weekly resistance zone. Price is currently experiencing a buying pressure from 109.55 support level, I expect price to hit the daily 50% Fib level at 110.60, and then a possible sell pressure from there.
My overall Bias for USDJPY is bearish, considering that price has hit a Key Resistance level and has formed a bearish divergence.
In the coming weeks, I would be focusing on more sells than buys, buy trades would be mostly scalp trades. If price eventually closes above the 111.66 resistance level, then it invalidates my Bearish Bias.
Disclaimer: What I have shared above is not a financial or investment, it’s for educational purposes only, whatever trading decision you make is at your own risk.
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