USDJPY: CALL ME CRAZY but despite structure I'm looking long

FX:USDJPY   U.S. Dollar / Japanese Yen
The USDJPY has traded back into previous structure & is currently consolidating at the resistance level . To most traders this opportunity would have SHORT written all over it but I’m actually looking in the other direction.
For those of you who I work with on a regular basis you know how I feel about the personality of the USDJPY and how it moves and looking on the daily chart we’re currently coming out of one of those pullbacks looking to retest previous structure highs in my opinion.

The fact that we’ve come into resistance on the LTF is concerning for a buyer but I think it’s more concerning that the market hasn’t been able to move off of that level and as instead consolidated right at it. This tells me that the sellers aren’t too strong and this could be an area where the buyers are simply looking to grab some relief and involve themselves once again if the sellers can’t move this market down.

In order to trade this I’ll be looking for potential opportunities down on the 15 minute chart during today’s Live Room session. I see a potential gartley setting up already which would do the trick, but any chance I get to buy near those lows, I’ll be looking to take.

On the fundamental side of things we have the BOJ Monetary Statement coming out tonight/tomorrow morning which may play a role for those looking to take extended targets. Syndicate members we talked about this with the GBP in last night’s video and look how that played out. So we’ll see JPY doesn’t some tricky things and is usually comes with devaluing their currency.

Good luck in the markets today traders and as always, do me a favor and hit that like button if you enjoyed this post.

Akil Stokes
Chief Currency Analyst
Akil@Tradeempowered.com /@AkilStokesRTM /

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I'm in this trade :) Do you think it will reach 125.000?
+1 Reply
previous structure highs are at 125.80's so yes, there's certainly a good chance that price action can retest those highs
especially since we're in a bullish trend
Wealth Akil_Stokes
Thanks for the reply!! should we be worried about FOMC Member Williams speech which is in 40 minutes?
+1 Reply
I haven't looked into it, but probably not
I agree as well. I issued this yesterday.
+2 Reply
FutureMeDead FutureMeDead
It is important to trade what you see not what you think. I THINK/BELIEVE equities are topped/topping, however what I am seeing is a corrective setback followed by an impulse wave. There is no evidence of a top just yet so we must continue to look higher until proven wrong.
+2 Reply
Same view Akil. JPY will remain weak for some time.
Waiting for a decent entry in USDJPY and GBPJPY.
Akil_Stokes IvanLabrie
I'd love to get a reason to go long before tonight
MarkLangley Akil_Stokes
going to mess with you now Akil full moon tomorrow and new moon and traditionally yen always strengthens !!! so counter to your be brave and buy theory ...sorry man !!
+1 Reply
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