📈 Let's delve into the analysis of the USDJPY forex pair for the closing day of this week's market in the futures.
🕰️ Currently, this forex pair is suitable for logical trading on my watchlist. In the 4-hour timeframe, after an uptrend and revisiting the most crucial resistance level of this chart, we have reached it again.
📊 Following a correction from this resistance to the 0.23 Fibonacci retracement level, we moved back towards the resistance and are presently constructing a range box in lower timeframes.
🎯 For a long position, our resistance is clearly delineated, and after surpassing the resistance at 151.802, we can anticipate movement towards targets based on Fibonacci levels: 152.543, 153.160, and 153.780.
🔄 Moreover, given the significant importance of this resistance, we can take an early entry as confirmation of a trend change.
⚠️ After breaking the 4-hour trend line at 151.159, we can also initiate our short position. However, it's essential to exercise caution with reduced risk and close the position after reaching our respective targets.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🕰️ Currently, this forex pair is suitable for logical trading on my watchlist. In the 4-hour timeframe, after an uptrend and revisiting the most crucial resistance level of this chart, we have reached it again.
📊 Following a correction from this resistance to the 0.23 Fibonacci retracement level, we moved back towards the resistance and are presently constructing a range box in lower timeframes.
🎯 For a long position, our resistance is clearly delineated, and after surpassing the resistance at 151.802, we can anticipate movement towards targets based on Fibonacci levels: 152.543, 153.160, and 153.780.
🔄 Moreover, given the significant importance of this resistance, we can take an early entry as confirmation of a trend change.
⚠️ After breaking the 4-hour trend line at 151.159, we can also initiate our short position. However, it's essential to exercise caution with reduced risk and close the position after reaching our respective targets.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
