USD/JPY Fake Breakout and Bearish Reversal Setup

3 Mar

This is a technical analysis chart for USD/JPY, showing a potential bearish reversal after a breakout attempt.

Analysis:
Key Levels:

Resistance: Near 151.039 (recent high, indicated by the blue arrow).
Support: Around 150.500 and 150.000 (marked within the red consolidation box).
Market Structure:

The price was consolidating in a range (red box).
It broke out briefly above resistance, but the breakout appears weak.
The price is now falling back inside the range, indicating a fakeout.
Potential Trade Setup:

Bearish Bias: If the price fails to hold above 151.039, it may retest the lower range.
Target Levels:
First target: Around 150.500 (mid-range support).
Second target: Around 150.000 (lower support of the range).
Stop Loss (SL): Above 151.039, in case of another breakout attempt.
Volume Confirmation:

The volume spiked on the breakout, but the quick rejection suggests a lack of strong buying pressure.
If volume increases on the way down, it supports a bearish move.
Trading Bias:
Bearish short-term outlook due to fake breakout and rejection at resistance.
Expecting a move back into the range, potentially testing lower support levels.

3 Mar

İşlem aktif

Resistance Level: 151.039 (failed breakout)
Support Levels: 150.500 (mid-range) and 150.000 (lower range)
Market Structure: Price attempted to break resistance but got rejected, indicating a fakeout
Trade Bias: Bearish move expected back into the range
Target Levels: