USDJPY - FAKE BREAKS & SHORTS AT RESISTANCE

٢٣ يونيو ٢٠٢١

As the USDJPY looks to violate the 111.00 even handle my guess is that a lot of traders will anticipate a bullish breakout. This may be true, but it also may be short lived as if you LOOK LEFT (Structure leaves clues) you'll notice 2 overlapping levels of previous resistance from the 1st quarter of 2020.

Now there is certainly room to the upside for those getting long, as those levels are 75-100+ pips away, but personally I'll be looking for opportunities to short as we come into those highs taking more of a contrarian view (as I often do).

I hope you guys are having a great week of trading & if you found any of this helpful please leave me a thumbs up. Also if you have any questions or comments please leave them below as I do read and respond to each one.

Your Trading Coach

Akil