On the H4 chart, you do note that the Price Action moved within a parallel channel between 1.5226 (First Resistance line on chart) and 1.5101 (23.6% Fibo. Retr) last few weeks.
An imminent Triple Tops within the above Parallel channel can be spotted. Furthermore, the PA plunged below the near term down trend line (painted in purple), coupled with bearish divergence on the RSI and Stochastic, may lead to its resumption on its mid term downtrend.
On H4, Breaking the 1.5014(61.8% Fibo Retr), also near the Ichimuko Cloud Bottom, will further conform its commencement on its downward trend., and 1.4900 shall then be on sight next.
However, if 1.5127 (Tenkan -sen line) is retested successfully, then the move to its recent high at 1.5240 cannot be ruled out. And any upward move shall be limited and capped at that level ( 1.5240)
Strategy:
SELL on Mild Recovery near 1.5100 ( 38.2% Fibo Retr)
First Target: 1.5010
Next Target: 1.4900
Zoomed-in H4 Chart
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