USD/JPY Short Setup - Trendline play
I am currently looking for a short position on USD/JPY
Entry Point: 150.304 Near the red downtrend line, ensuring alignment with price rejection and resistance.
Trade Management:
Stop Loss (SL): Placed above the most recent high for protection.
First Take-Profit (TP1): At the first 4-hour resistance; SL will be moved to breakeven (BE) at this level to secure risk-free profits.
Partial Profits: Will be taken at subsequent 4-hour resistance levels to lock in gains.
Current bias: Bearish, respecting the downtrend line and maintaining lower highs.
Moving averages and key resistance zones provide confluence for this setup.
Entry Point: 150.304 Near the red downtrend line, ensuring alignment with price rejection and resistance.
Trade Management:
Stop Loss (SL): Placed above the most recent high for protection.
First Take-Profit (TP1): At the first 4-hour resistance; SL will be moved to breakeven (BE) at this level to secure risk-free profits.
Partial Profits: Will be taken at subsequent 4-hour resistance levels to lock in gains.
Current bias: Bearish, respecting the downtrend line and maintaining lower highs.
Moving averages and key resistance zones provide confluence for this setup.
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