OANDA:USDJPY USDJPY (H4) Sell Now at 150.220, TP at 149.400 Sell Now at 150.220 SL at 150.475 TP1 at 149.910 TP2 at 149.400
The USDJPY market on the H4 timeframe exhibits the following characteristics:
The ongoing contraction phase suggests a period of hesitation and gradual consolidation before significant fluctuations occur. The peaks depict a pattern of lower-high prices, indicating a potential weakening of buying power. Simultaneously, the lower end establishes a loosely defined price support region, with cand lesticks extending below the support area.
Consequently, there is a likelihood that this pair might decline towards the price support zone at 148.6-148.8. However, given the absence of a clear directional break in the price pattern, there remains a possibility that the exchange rate could continue to rise towards the resistance area of 150-152.
It is advised to monitor the market closely. Despite the absence of significant news today with a strong impact on these currencies, unforeseen market movements can still pose risks to your account. Please adhere to trading principles and implement capital management strategies diligently.
USDJPY is still Bullish, selling now is too risky. rather consider buying instead 🙏
VNSmartMoney
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@Dane110590, After stopping loss, what I usually do is continue to wait and reduce my trading deficit to balance my emotions. The Forex market has so many opportunities, and there is no rush. The analysis is still correct, but the implementation is wrong.
Dane110590
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it surely has so many opportunities and with different strategies, but then the key role is to Buy only on a Bullish Market to avoid unnecessary losses...
VNSmartMoney
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@Dane110590, I use both trend-following and trend-taking trading strategies in the Forex market. If you notice, in the long term, 70% of the time the Forex market is Sideway. And if you use a continuous trend trading strategy, you will probably not be successful.