USDJPY Price Action 03/09/14

FX:USDJPY   U.S. Dollar / Japanese Yen
185 0 2
Continuation of 25/08/14 Analysis---

The strong upward movement that recently formed continued and that confirmed that this pair is now out of the range bound trade. Also, as mentioned before, the 104.00 level is a significant level and which was respected by the market recently. The price struggle a bit at that level before forming a new high again. The next important area is the 105.20 as can be seen in the chart. It was in that level that the market made high before the range formed and now, the current price is now respecting it. As of writing, the current price, as shown in the chart, is currently forming a Bearish Pin Bar . Although the Daily Bar it is worth noting that the Daily Bar is not yet closed. This just means that this level is an important one. We could see a bit of a retracement here and that is what we're looking for to trade. The best opportunity here would be, if the price goes down to 104.00 then reverse and go up.

As of now, there is nothing to trade because the price is in the 105.20 level which is a resistance and we do not want to go Short here. This pair is forming a new trend and going against the trend would not be a good idea.
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