I dont normally play USDJPY since it has burned me a lot in the past next to GBPJPY but I am determined to overcome this pair eventually lol.
I had put a small buy order in for a USD pullback. Nothing much but I believe we are heading higher in the long term. I see price has made an INV head and shoulder, failed to break out, pulled back to 88% and failed the low and has made a 3rd wave inside this consolidation on the 4HR. I can see price heading back to 109.00 if this is so.
Like this idea? Is there something im missing? Help a trader out! Thanks followers! Let me know what you think of USDJPY if you're a forex trader as well! I have attached an old idea I had on USDJPY since the last time I traded it.
This shows me we possibly have made a new LOW high price and could be on our way to a higher HIGH on the 4HR chart.
Trade closed: target reached
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Got some decent profit off this. Closing manually for now. Dont wanna get greedy.
There's a confluence at 38.20 fibs (4H) and its on an overbought level too.. So there's a tendency price levels will turn bearish and at a fast moving momentum.
AschraM
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@shutters, I am curious to see it go farther down. I am eyeing the DXY and do see it going farther down myself onto a 4th leg then a reversal. I am usually early by a whole wave on my trades so now I tend to set alarms and watch when price enters the zones. Helps control my trading habit.
AschraM
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@shutters, I see a long consolidated right shoulder range and overall would like to see it continue in the range until a true breakout happens. Ty for commenting and interacting.