The Bear Continues to Maul the USDJPY pair
The USDJPY pair continues it's long standing bearish slide. The downward trend goes back to June of 2015, and the pair has respected the topside trend line very well since then. I may be a noob and still wet behind the ears, as this is my first published idea. But to this still wet behind the ears noob, a trend that has been respected in the market for over 4 years is a pretty strong indicator for me. The support trend line on the weekly chart goes back to June 25 of 2018. Now I should point out that the market did close below on Jan 2 of 2019, but promptly returned to the trend line the very next day, and respected it quite well until Aug of 2019. In Aug of 2019, the pair fell down below the trend line most of the month, but again by Sept of 2019, it was once again respecting the support trend line . Again for this still wet behind the ears noob, a support line that has been in existence for over a year and a half with only a couple of deviations is... if not a strong indicator, then at least a good one for me. With support showing just below 105 both times that the pair broke the support trend line , I am thinking that 105 is a pretty good target for this pair within the next 2 months. I have set my take profit at 105.500 for a couple of reasons. First, I'm really not THAT greedy, secondly because the market just loves to play nasty tricks on me from time to time. It would be just my luck to watch the market descend all the way down to 105.020 and then do an abrupt reversal. As I type this the price is 108.83. If I hit my take profit, that is over 300 pips to put into the bank. Good Luck and Happy trading to all of you, and as always remember, that the views expressed here are merely the thoughts and ideas of a still wet behind the ears noob, and should in no way be construed to be gospel. Each trader is required to do their own due diligence before entering into any trade. Remember that trading forex is a risky proposition, and you could lose money. NEVER risk more than you are willing to lose. If you like or agree with this I would appreciate a like for it. Thank you and have a wonderful week.
Comment:
Looks like the price went to level and below. Look for an upturn in this pair. Not sure when, but it will happen.