USDJPY - potential long entry, but with trading flexibility
Looking especially at the Month chart below illustrates a flexible trading approach is beneficial in times of prolonged indecisive price action. Pick your moments, scale in to trades, adjust position size, selectively take risk off the table, protect gains when there is possible reversal. The trick is to do all that without being reactive. Make calculated adjustments, but avoid reacting and following your 'gut'.
USDJPY went through TL support (which often can be more of a suggestive support especially in this type of indecisive period). To me it looks like it is simply redefining the TL support. The price reversal is not precisely at a strong support, but more between the TL support and horizontal support zone. Thus, the price action reversal (support holding) around 109-108.8 is meaningful. That is determining my bullish MT bias as long as that support zone holds. I'm looking for a long entry point. Potential entry would be bullish price action in the green box. Price could continue higher to TL Resistance and beyond.
1M:
Monthly is interesting as it shows (in the box) indecisive price action. BOTTOM LINE: Be flexible with ever the bias you have.
1W:
Support
1D:
It was the #3 scenario of my previous analysis that occurred.
USDJPY went through TL support (which often can be more of a suggestive support especially in this type of indecisive period). To me it looks like it is simply redefining the TL support. The price reversal is not precisely at a strong support, but more between the TL support and horizontal support zone. Thus, the price action reversal (support holding) around 109-108.8 is meaningful. That is determining my bullish MT bias as long as that support zone holds. I'm looking for a long entry point. Potential entry would be bullish price action in the green box. Price could continue higher to TL Resistance and beyond.
1M:
1W:
1D:
