USDJPY - It had an interesting move towards the upside....!
What a week right! Crazy in the indices and equity market. Little reminder being a trader it isn't a get rich quick scheme....!
Technical aspects:
Pattern: Bullish Flag (At key area on Higher time aspect)
Support: 104.75, 104.51 , 104.15
Resistance: 104.910, 105.10, 105.20, 105.40
You could trade the pull back towards support areas (50-200EMA) Nice target areas! OR wait for the pull back go into long side towards Fib Retracement area, giving a great risk reward. Swing or Scalp - your decision. (Use your own trade plan for further confluence)
Things to keep in mind:
- End of Months flow - Rebalancing
- Weekly Closes further confirmation
The Yen isn't a currency pair I trade often, but I see great potential either direction you take towards this trade.
Key tip: You don't need to always need to be part of the trade or even the market if it doesn't make sense or you aren't feeling confident. That doesn't mean you sit back, relax and binge watch Netflix - There's a lot you can do out there sometimes analysing the market - Watching the market behaviour, reading and researching various aspects of the market is game changer. Discipline is key to become a success trader.
Have a great weekend.
All the best,
Trade Journal
(Just a trade idea, not a recommendation)
What a week right! Crazy in the indices and equity market. Little reminder being a trader it isn't a get rich quick scheme....!
Technical aspects:
Pattern: Bullish Flag (At key area on Higher time aspect)
Support: 104.75, 104.51 , 104.15
Resistance: 104.910, 105.10, 105.20, 105.40
You could trade the pull back towards support areas (50-200EMA) Nice target areas! OR wait for the pull back go into long side towards Fib Retracement area, giving a great risk reward. Swing or Scalp - your decision. (Use your own trade plan for further confluence)
Things to keep in mind:
- End of Months flow - Rebalancing
- Weekly Closes further confirmation
The Yen isn't a currency pair I trade often, but I see great potential either direction you take towards this trade.
Key tip: You don't need to always need to be part of the trade or even the market if it doesn't make sense or you aren't feeling confident. That doesn't mean you sit back, relax and binge watch Netflix - There's a lot you can do out there sometimes analysing the market - Watching the market behaviour, reading and researching various aspects of the market is game changer. Discipline is key to become a success trader.
Have a great weekend.
All the best,
Trade Journal
(Just a trade idea, not a recommendation)
Trade active:
I've been trading short scalps to next support area target areas.
Comment:
200 EMA on daily - interesting area.
Trade closed: target reached