USDJPY Swing High| Local S/R| Price Action| Trend

٢٠ يونيو ٢٠٢١

Evening Traders,

Todays analysis – USDJPY- trading at a key high where a rejection is probable,

Points to consider,
- Price Action Impulsive
- Local S/R Support
(.618 Fibonacci Confluence)
- Daily S/R Resistance

USDJPY’s immediate Price Action is impulsive towards a swing high and a Daily S/R, this increases the probability of a rejection.

The current objective is the .618 Fibonacci that is in confluence with the Local S/R Zone, a bounce here is probable.

overall, in my opinion, USDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work

And remember,

“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite