USDJPY Long opportunity

FX:USDJPY   U.S. Dollar / Japanese Yen
With yesterday's US session closing at 109.03 which is above a major level of 109 despite lows of 108.918, the market has found enough buyers below 109.
While traders await the 3 days Jackson's hole Symposium held at Wyoming, it looks like the market is ranging between 108.6 and 110, while waiting for clues on the final direction of this market. We see 2 major supports at 108.6 and 108.645 respectively, and it looks like it might take quite abit of retracement up before finally reaching below the 108 mark.

Shortly after the opening of the australian and japanese markets when it dipped slightly further and eventually started trading higher now, breaking above the channel down from yesterday's price action. my targets are 109.6 and 110.062 respectively, and somehow if we manage to break above 110.062, expect to see further upsides to 110.374 and even the main resistance at 110.958 as i can see the Order book indicates plenty of buyers willing to get filled in at 110 and above.

alternatively, if 109.6 rejects and fails close above 109 after london opens, look for fresh lows of 108.5 and 108.1 respectively as the main trend is afterall, bearish .
Comment: Fed Robert Kaplan has left more clues on the 3rd interest rate hike this year, and it will be in consideration due to inflation issues. Shrinking of balance sheet happening soon and will help dollar to maintain gains if yellen is to speak hawkish in 45 minutes.
Trade closed: target reached: 1st target of 109.6 reached, sold half of my long position. trailed my SL to 109.44, a temporary resistance level on this current bullish rally
Comment: SL trailed to 109.25 , i see a correction coming down to test 38.2% once again at 109.309 for further upside.
Comment: sell order added @ 109.5, 2x my long position
Comment: i love trading news with OCO :)
Trade closed: stop reached
mhmm good analysis, definitly keeping an eye on this setup.
ChuaYunRong DaneelDouglas
@DaneelDouglas, do keep an eye on the RSI as well because it is currently overbought. if it is truly a new rally then i suppose the price might correct itself to create divergence/convergence for upwards momentum
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