USDJPY Week Closer - Jan 06, 2023 and PA for next week

7 Oca 2023

On Jan 06, 2023 USDJPY dropped 270.6 pips (A pip for USDJPY is the second decimal place), dropped -2.01% at the time of NFP/Unemployment news

Confluence
1. Pair squeezed 25.4 Pips above pervious daily resistance and then dropped
2. Pair touched the down trend line (TL) - squeezed up the old TL before dropping
3. Pair was close toe Fixe Volume Range - POC
4. Dollar Index (DXY) Dropped
5. On Daily Chart EMA8 below EMA20 - bearish outlook

Next Week News that can impact the USD 1/ Core Inflation Rate YoY and 2) Inflation Rate YoY (Thu Jan 12, 2023).

Looking at Price Action (PA), we have two scenarios to short (:

Scenario #1:
* 4Hours candle and Daily candle closed below daily resistance.
* Price may retrace to the upper band of the daily resistance ~132.570 to ~133.500, then back to drop.
* EMA50 to go below EMA200 on 1Hour chart
* Price to re-touch down TL
Target 131, 130.5

Scenario #2:
* Price to continue dropping to 131.700
* Retrace to the level of upper daily resistance (Daily R) and/or down TL
* Back to drop
Target 131, 130.5



Please comment and add your thoughts

*** Disclaimer ***
I am not an expert or professional trader, I am learning by reading, watching video, follow other professional traders and my objective by sharing the ideas on TradingView to apply the learning and compare what I learned with the snapshot of my analysis
for the price action and top down analysis I give credit to VasilyTrader who I started following and joining his daily life streaming

12 Oca 2023

İşlem kapandı: hedefe ulaştı

I would rate myself 7 out of 10, always room for improvement, however good start