Jump on the USD/JPY Bandwagon: Buy After Moving Average Pullback
Hey Traders!
👨💻Technical: USDJPY has found a lot of buying power, however we are approaching the weekly moving average support, and we are currently on a daily resistance level, this tells me that if sellers are going to be anywhere, they would be around this area zone, this should definitely start some bearish momentum, which could make it pullback to the 4h moving averages, this is where we could capitalize on a trade towards the up-side when we find a candlestick entry.
🎯 For an ideal entry: Wait for a pullback, then enter the trade on the 4h once you confirm that bullish bias is there, could be a good trade and great risk reward, if the trend breaks resistance, wait for a pullback and enter off resistance, could also be good, because it would confirm strong bull momentum further on.
👨💻Technical: USDJPY has found a lot of buying power, however we are approaching the weekly moving average support, and we are currently on a daily resistance level, this tells me that if sellers are going to be anywhere, they would be around this area zone, this should definitely start some bearish momentum, which could make it pullback to the 4h moving averages, this is where we could capitalize on a trade towards the up-side when we find a candlestick entry.
🎯 For an ideal entry: Wait for a pullback, then enter the trade on the 4h once you confirm that bullish bias is there, could be a good trade and great risk reward, if the trend breaks resistance, wait for a pullback and enter off resistance, could also be good, because it would confirm strong bull momentum further on.