USDJPY | Perspective for the new week | follow-up details

The USDJPY fell 0.54% to 137.955 on Friday after data showed that Japanese consumer inflation rose back to a 40-year peak in April, putting pressure on the Bank of Japan to adjust its ultra-loose monetary policy. However, news of constructive talks to end the current debt ceiling impasse in Washington raises optimism that a deal can be reached to avoid a damaging debt default. This video illustrates the technical side of the market, as we try to consider the fundamental factors that might affect buying or selling of this pair.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Comment:

Simple set-up identified as price action remains caught up within a range. So, we are going to wait for a signal in the form of a breakout/breakdown of the range.

Good MOrning

Trade active:

Our first buy position for the week triggered. Secure position as we look out for more opportunities

Trade closed manually:

Price action takes out the buy position with a small profit. Waiting patiently for another trading opportunity

Comment:

Price action remains choppy in the last 19 hours with the possibility of a potential retracement in anticipation of the uptrend. However, a breakout/retest of the 138.750 zone will welcome buying opportunities.

Good Morning

Comment:

Price action remains choppy and caught within a range where a signal in the form of either a breakout or breakdown of the channel will welcome trading opportunities.

Good night

Trade active:

Sell position triggered as price action breakdown the support line of the channel at the 138.400 level

Good MOrning

Trade active:

Secure buy position as selling pressure resumes

Trade closed: target reached:

TP target hit with 90 pips profit. We reamin patient for another opportunity ahead of the FOMC

Good MOrning

Comment:

Fallout from our live session this morning

Trade active:

The GDP data came in positive at 1.3% and is considered generally seen as positive for the USD hence a breakout/retest of the 139.700 zone will welcome buying opportunities.

Trade active:

Secure buy position

Trade active:

28pips in profit; secure buy position

Trade closed manually:

Price action takes out the buy position with a small profit as the price comes back to the buy entry zone. So, we want to see how price action reacts to the 139.700 zone for our next line of action as continued buy pressure around or above this level will welcome more opportunities to buy.

Good Morning

Trade active:

Secure buy position

Trade active:

A total of 220 pips running in profit on 3 positions; time to secure all buy positions.