albert.callisto
Long

USDJPY - wait for pullback before long trade entry

FX:USDJPY   U.S. Dollar/Japanese Yen
67 0 0
After the intense BoJ movement, we may expect to see a pullback during next week. Violent things tend to be corrected in a violent manner, so I expect price to go back to Kijun in a first phase and if it holds, the long trade could be entered. Otherwise lower Fibos could be explored but the trade configuration would have to be reevaluated, especially the stop loss area.

On Ichimoku cloud , we had a flat SSB             at level 0.764 in the middle of January, this is a zone where resistance may be seen. Note that the spike of BoJ lost strength against the 0.764 Fibo.

The read of the day: http://adamhgrimes.com/blog/trade-pullbacks

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