Beware of the USD JPY resistance level. An example of Buy side
Many traders will be interested to trade the new reached resistance level on USD JPY. It might be a very attractive level to place an order but unfortunately
- It can be also a honeypot type of trap.
On a Smart Money perspective that area just above the multi days resistance level is a liquidity area. That liquidity is potentially harmful for short traders as a breakout of that level can lead to a new higher high than can trigger many short side stop losses. Eventually it can catch as well take in a swing buying orders. BE CAREFUL;)