FX_Trader_Analyst
Long

Short term short Long term long continues for USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
This trade analysis is part of my diary. Please let me know if it was helful but also your suggestion for improvements

Price action has been just fantastic. I have predicted retracement on the way up and were buying retracements. Now the price is approaching 21 EMA on daily chart .
This is also a resistance zone based on the price action and 113 Psych level that is generally speaking important zone for USDJPY             .
Should the price broke the 21 EMA on the 1H chart and produce LL and LH I would be looking to sell short term until price retraces to 318 Fib retracement zone. 1H stoch is ready to start retracement cycle while on daily chart stoch is still up. This could be however as price is in the up trend.
Should the price retrace to the buy zone around 112. this would be a start of the new bull move
you start heading LONG yet?
Reply
Hi TradZ,

Thank you for leaving a comment and like!

I would say now it's a bit late. I like to buy after retracement at support. At the moment we just made higher high and are at resistance so I would be patiently waiting to buy after retracement. You could scalp your way down to retracement.

What are your thoughts and views?
Reply
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