USDJPY has long been bearish ever since the explosive move end of 2016. Now price almost reaching a Weekly demand zone. I reckon price will rally up to Weekly supply for retracement before unloading.
If you are applying Supply & Demand methodology in your trading plan, or mere interest, Be sure to follow me on Tradingview and share your views.
I wouldn't look technical on this big of a time frame. You believe the Yen is having a good future towards the coming next 6 months? at least from what I've gotten from news etc, is that BOJ wants the value it decrease for import profit purposes
taikomin
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@granitehandchinkys, i dont finalize my decision to trade the market if it doesn't comply to my trading plan rules. what I posted here is just mere speculation, not my finalized decision to place a trade. Same goes to my other posts, I don't post my real trading plan.
But i do respect your view, and it's true. thank you!
granitehandchinkys
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@taikomin, ok, thanks. I would be interested in seeing your real plans then. My trades are way to short term to actually put inn :(.
you been trading the usd/jpy for a while?
taikomin
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@granitehandchinkys, yeah, someday. the timeframes we trade dont matter. Either way we can all make money if we're discipline. I trade short term sometimes like on the m15 which depends if i have free time to look at charts.the reason i play the big timeframes is because i want to be outgoing and not look at charts all day. XD im not sure. I dont look at specific pairs, i look thru all available instruments from my broker and just work my way from there.
taikomin
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@granitehandchinkys, i've re-read your comment. I assume you think i am using the weekly timeframe as my execution timeframe? If you are, ill clarify it for you. I do multiple timeframe analysis which i use 3 timeframes to analyze a pair. Weekly timeframe is the biggest timeframe, and i use the h4 timeframe to execute my entries. Reason is because it gives me a bigger perspective on what the market is doing. So when price reaches a particular "hot zone" , then i go down to my execution timeframe to enter long/short . :) i hope that helps to clarify.