Analyzing the bearish case for USD/JPY
Hello everyone, in this analysis, we will take a look at the bearish scenario
for USD/JPY. As you can see from the chart, USD/JPY is currently at the
upper trend line of the rising channel, which increases the probability
of a reversal.
📌Yesterday, a bearish daily candlestick had formed at the upper TL. So, if price
doesn't rise above 147, we can expect a reversal back to the 141 level.
📌My recommendation is to sell the rallies in USDJPY@146.50-147 with Stop loss
above the upper TL and TP at 141
for USD/JPY. As you can see from the chart, USD/JPY is currently at the
upper trend line of the rising channel, which increases the probability
of a reversal.
📌Yesterday, a bearish daily candlestick had formed at the upper TL. So, if price
doesn't rise above 147, we can expect a reversal back to the 141 level.
📌My recommendation is to sell the rallies in USDJPY@146.50-147 with Stop loss
above the upper TL and TP at 141
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