USDJPY: Buy on strength

FX:USDJPY   U.S. Dollar / Japanese Yen
$USDJPY is flashing a potential signal for a bottom here, after pulling back for 5 weeks give or take. Previous retracements have shown a similar retracement in time, and it is a good signal to get a weekly downtrend, when the monthly trend is up, so, entering long on new highs here is a very low risk opportunity to rejoin the advance.

Good luck,

Ivan Labrie.
Jan 17
Comment: Buy was never filled. The previous daily bar implies we wait for a bit longer, until downside momentum recedes, and then we can buy on strength.
Jan 19
Order cancelled
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DId you end up taking this trade?
@Spofas, Hi, no, I didn't. It's a bit late now.
Spofas IvanLabrie
@IvanLabrie, So youre not confident in the continuation of the macrotrend?
@Spofas, It could be choppy for a while longer.
Hola amigo! EW count also implies soonest reversal...I guess another small wave down is underway sub 114 before attempt higher.
@aibek, indeed! I'm waiting for momentum to slow down before trying to go long, but the only way it is safe to do it, is breaking a previous day high after bottoming in shorter term timeframes.
aibek IvanLabrie
@IvanLabrie, agree with you my friend! Have a great week ahead!
+1 Reply
@aibek, thanks, you too!
aibek IvanLabrie
@IvanLabrie, Hello my friend! The price surpassed the previous day's high finally! Best of luck amigo!
@aibek, yes, I'm not sure 100% though. I like the euro long as a hedge here...maybe EURJPY. The record shorts in treasuries are a contrarian signal, and there are other variables in play. Hopefully it'll be clear after Friday.
Good luck!
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