USDJPY has been rallying due to the fundamental factor of US economy flourishing amidst the covid pandemic. 

We will analyze the H4 for intraday/ swing trade setup.

The structure on USDJPY is super bullish right now. Right now, it has to tap the major resistance level from where, a pullback is expected. This would be a level we will be looking for shorts. 

In formation, we have an ascending trendline which is still far from the prices. From the resistance level, we expect the trendline to be broken. Once its breached, we will have double confirmations. 

The golden retracement level has been breached. With this breach, we need validation from the candles. Once market breaks in back within the golden range, we will be set for a short. But right now, there is nothing from the retracement side. After a push down from the resistance, we might see a break in back in the retracement zone.

The EMA 50 and 200, both have a bearish death cross in play. Although both the EMA's are below the current prices, we will target the retest of the EMA's as profits. 

Both the oscillators are exhausted at the over-bought regions. The over bought mark has been breached. So a pullback is expected any time. 

The USDJPY is a good sell from the levels mentioned. After a strong rally, market usually has to pullback, on which we will monetize our trade. Stops should be kept above the resistance and once its broken, we will be out of the trade.

USDJPY sells from 110.80

Sep 24 2021

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