On Friday, Japan announced that it would maintain its benchmark interest rate, leading to a surge in the dollar against the yen. But USD/JPY was once again capped by a key resistance level above. Although the USD/JPY is still in an uptrend at present, it is best to wait for the upper resistance level to be breached before entering the market.
The H1 chart has formed a double top pattern, and the neckline has been successfully broken. At present, you only need to wait for the completion of the backtest to enter the market. However, if the USD/JPY in the H1 chart rises again, you can again pay attention to whether the upper resistance level has a chance to be broken, and if so, you can go further.
Order suggestion:
Wait for the breakout of the neck of the H1 chart to complete the backtest and enter the market to go short.
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.
