USDJPY: New Resistance and New Sell Opportunity
The price broke 110.00 resistance level and moved upward. Sell trades had to be closed by stop orders.
Now the price is at another resistance level where the market will be able to give us a new sell opportunity. Buying below the resistance is not the right way of trading. So, we should wait for a possible reversal signal and use it for selling.
RSI reached the overbought zone, and it will give a solid bearish signal. MACD and DMI still confirm the strength of buyers, and we should be ready to see an attempt to break 120.00 resistance. Will it be a false breakout or the market continue the upward movement? Now we don't know. But we can plan a sell trade based on reversal signals from the daily and hourly charts. The market has space for the downward movement up to 110.00 support zone.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Now the price is at another resistance level where the market will be able to give us a new sell opportunity. Buying below the resistance is not the right way of trading. So, we should wait for a possible reversal signal and use it for selling.
RSI reached the overbought zone, and it will give a solid bearish signal. MACD and DMI still confirm the strength of buyers, and we should be ready to see an attempt to break 120.00 resistance. Will it be a false breakout or the market continue the upward movement? Now we don't know. But we can plan a sell trade based on reversal signals from the daily and hourly charts. The market has space for the downward movement up to 110.00 support zone.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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