USDJPY - Maintains New Resistance - Breaks New Support
Greetings Fellow Traders,
I posted recently about USDJPY and a Sell Opportunity off a HUGE former channel support as a new resistance level. I closed my trade out early with approximately 60 pips of profit (market provided the opportunity to get up to 70 additional pips after that decision) due to price action but stated I would look to re-enter at similar levels expecting the same level to offer a 2nd entry. The market not only gave that 2nd entry but at the close of the week has shown another selling opportunity.
***While it is Thanksgiving this week in the United States, this does not mean that the market will not move, plus there are 3 very strong days of trading prior to this Holiday. I will not alter my analysis for it.***
4 Hour Bullish Trend Support has been confirmed closed below at the end of the week...this also correlates with a daily close so there is a good chance that the market may give one more selling opportunity on that 4 hour trend line.
Trade Opportunity -
Pending Sell Limit 123.00 or Manual Entry on Bearish Price Action
Target Profit - 121.70
Target Profit 2 - 120.00 Lower long term bullish trend line profit should be locked well before we approach this point.
Stop Loss - 123.25
For anyone that entered on the initial analysis entry, profit should be locked or stop set to break even.
Here is a daily chart zoomed out to see the bigger picture of what I am looking at on USDJPY.
Please remember to do your own analysis before entering a trade. If you like what you see here feel free to comment, follow, "like" or ask questions. If there is a specific chart you would like my input on, simply send me a PM or comment below.
For those that it is relevant to, Happy Thanksgiving!
I posted recently about USDJPY and a Sell Opportunity off a HUGE former channel support as a new resistance level. I closed my trade out early with approximately 60 pips of profit (market provided the opportunity to get up to 70 additional pips after that decision) due to price action but stated I would look to re-enter at similar levels expecting the same level to offer a 2nd entry. The market not only gave that 2nd entry but at the close of the week has shown another selling opportunity.
***While it is Thanksgiving this week in the United States, this does not mean that the market will not move, plus there are 3 very strong days of trading prior to this Holiday. I will not alter my analysis for it.***
4 Hour Bullish Trend Support has been confirmed closed below at the end of the week...this also correlates with a daily close so there is a good chance that the market may give one more selling opportunity on that 4 hour trend line.
Trade Opportunity -
Pending Sell Limit 123.00 or Manual Entry on Bearish Price Action
Target Profit - 121.70
Target Profit 2 - 120.00 Lower long term bullish trend line profit should be locked well before we approach this point.
Stop Loss - 123.25
For anyone that entered on the initial analysis entry, profit should be locked or stop set to break even.
Here is a daily chart zoomed out to see the bigger picture of what I am looking at on USDJPY.
Please remember to do your own analysis before entering a trade. If you like what you see here feel free to comment, follow, "like" or ask questions. If there is a specific chart you would like my input on, simply send me a PM or comment below.
For those that it is relevant to, Happy Thanksgiving!
