We favor a long position above 1.0530 "demand area" targeting the next major supply between 1.1500 and 1.1650 area. This is a long term position targeting almost 1000 pips. Small position size is recommended since we are targeting a 1000 pips or so. This way you have margin available for short term trades. I am long USDJPY, EURJPY and GBPJPY with small positions. EXPECT A BIG retracement rally as a correction for the main down monthly trend. Good luck guys
Comments
DoubleTop11
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I have my level a litte lower down then you but I got getsome confirmation that this thing is going to roll here on my 4 hour chart. so I'm looking at it above 107.44 cofirming PA on a 4 hour chart.
sam.aziz
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Yes I believe we have already made a low in this pair around the 1.0550 area, if the price comes back again to that area I will buy without confirmation and my risk will be about 50-100 pips below my entry. If you want to wait for confirmation then use the 4H and 1H time frames to optimize your entry. this is a weekly chart so the demand area is kinda big on that chart, need fine tune to enter. According to MACD on the 4H time frame, it looks like that we are not going to dip again in the 1.0550 area unless some news or something comes out to to drop the price down there for a big bottom candle shadow and there I have an entry order just in case that happens :). Thank you for your view and valuable opinion