USDJPY has finally broken above the two-month 145.073 resistance level and is quickly approaching 146. The psychological 150 level is now in sight.
The price action shown here on the 1W chart is very bullish; the range zone has been broken, and we are above our 20 EMA. The 145.073 resistance level might be tested now as support, and we are looking for a possible retest candle to show a close above 145.073. If we get this, then our long-term target is 150, which is a huge psychological level.
We also have the FOMC minutes meeting tomorrow, so we could see further levels broken to the upside depending on the outcome.
Please remember to like, comment, and follow, as your support greatly helps.
@Stella-Macus, There is high volatility in the markets due to high impact data releases so there will be big moves both ways. Please take care!
Stella-Macus
⋅
Yea just took a loss, one of my big positions just got wiped lol. Y does the market trick u to buy or sell early in the morning only to reverse. I need a mad Algo to cripple the forex market. I have suffered too much from trading
BluetonaFX
⋅
@Stella-Macus, That is unfortunately to hear. Losses are part of trading and all traders experience them. Risk management and psychology is key. We plan to release a risk management educational post for the community in the near future, so please stay tuned!
Stella-Macus
⋅
Kind of chased price today, have a buy order at 145.875 and it pulled back. I am hoping not to get a loss if it pulls back further today.
BluetonaFX
⋅
@Stella-Macus, Please do not chase entries. Patience and discipline is crucial in Forex.
Kibishii
⋅
Sorry to hear that Stella. Something I've learned over the years is never ride a bull from the front. It's also essential that you don't use a large lot size when you see a set-up on a longer time-frame, such as the weekly, since price won't go up or down in a straight line and any pullbacks can therefore be dangerous if overexposed with a large lot size.