FX:USDJPY   U.S. Dollar / Japanese Yen
206 5 4
Market Condition: Retracement

Target 1: 100% of Daily ATR

Target 2: 200% of Daily ATR

Invalidation: Bullish Breakout


The USDJPY             has continued to break down through key values of support from last week’s Inside Bar trading pattern. This includes dropping as much as 433 pips, below the July 2015 low at 120.41, to a low of 116.08. From this low price has retraced back to previous support, which is now acting as new resistance. If prices remain under 120.41, this can provide traders to sell with the markets prevailing direction on a retracement. Initial targets may be set using 1x current ATR, which today sits at 130 pips.

Alternatively, if prices rally through resistance, this raises the possibility that the USDJPY             is setting up for a broader retracement against this month’s previous decline. This would tentatively delay the execution of any new sell based positioning.


Thanks :)
Reply
Your welcome! Let me know if you have any questions.
Reply
SyedTalhaSaghir walker.england
Just hanging there. Lets see
Reply
claydoctor PRO walker.england
what is the next resistance for this pair?
Reply
claydoctor PRO claydoctor
providing we stay above that new support?
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out