11 Apr '21: JPYUSD Entry (1D: 1/2)

Entry for JPYUSD for the week of 11 April 2021. Recent downtrend appears to be consolidating for a break up. This could be a multi-week play. SL is convergence of two, X.618 levels from current and previous swings. This is expected to form support for the run up. Will indicate targets & R/R in Chart 2/2.

Trade closed manually:

As noted on the 1H chart, a re-entry requires reassessment, but the 30Apr candle placed price right at the top of the PRZ from the current swing at time of post. Coupled with the structure from 8Apr to 12Apr, this could be a time for a short, bounce play, but the USDJPY short opened here should be guarded even more closely than usual.

Comment:

With the pump on DXY, expect further down side here. More potential in a USDJPY long at the moment.