Technician
Long

USDJPY: Bullish Bounce Likely!

FX_IDC:USDJPY   U.S. Dollar/Japanese Yen
1403 4 21
Update: Trade is active
Update: Stopped Out

I am looking for a bullish rebound within the context of the overall bullish trend .

  • The price formed a major long-legged doji candle today
  • 50-day SMA acting as support
  • 38.2 retracement level is holding
  • Rising trend line acting as support

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Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
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Good luck, keep your stops tight..
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Technician

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Stopped Out. Damn this week
-1 Reply
Update: Trade is active
-1 Reply
If Nikkei reverses this idea won't work...I am aware of the dollar strength accross the board, after a correction, but Yen is a particular case. Good luck though.
+1 Reply
HI technician thanks for post but I think there is bearish divergence at daily chart and weekly chart
snapshot
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