USDJPY - 4hr Timeframe - Update on Buy Opportunities
Following our previous analyses on the
USDJPY
pair,
and
www.tradingview.com/...n-Buy-opportunities/)
for our second potential buy setup, we believe that the pair could possibly now go for a slightly deeper correction, before continuing it's uptrend. As this could be another great opportunity for a new long entry, we are currently monitoring the pair's price action in order to define the micro patterns it could evolve into. As of now, we are keeping a 4hr trend line as a reference point. Let us take this occasion to remind all traders that trend lines don't really mean anything, as a financial market is not certainly "aware" of trend lines, and does not certainly "follow" the trend lines that traders draw on their charts. A trend line is just a reference point to remind us to recheck, once broken, what pattern the currency pair, index or commodity is currently forming, in order to correctly manage our existing positions or consider opening new ones. Having said that and in the consideration that our final target, should the weekly corrective structure be broken to the upside, can potentially reach the 123 level, we believe that every new buy entry is worth taking, therefore we will share all our updates, for this pair.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
USDJPY
pair, 
www.tradingview.com/...n-Buy-opportunities/)
for our second potential buy setup, we believe that the pair could possibly now go for a slightly deeper correction, before continuing it's uptrend. As this could be another great opportunity for a new long entry, we are currently monitoring the pair's price action in order to define the micro patterns it could evolve into. As of now, we are keeping a 4hr trend line as a reference point. Let us take this occasion to remind all traders that trend lines don't really mean anything, as a financial market is not certainly "aware" of trend lines, and does not certainly "follow" the trend lines that traders draw on their charts. A trend line is just a reference point to remind us to recheck, once broken, what pattern the currency pair, index or commodity is currently forming, in order to correctly manage our existing positions or consider opening new ones. Having said that and in the consideration that our final target, should the weekly corrective structure be broken to the upside, can potentially reach the 123 level, we believe that every new buy entry is worth taking, therefore we will share all our updates, for this pair.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Comment:
Watch for breaks to the upside of this minor downtrend for another great buy opportunity:
Comment:
The pair broke the daily uptrend without ever reaching the upper weekly trend line. We closed our long positions in profit, on the pullback of the first impulsive movement to the downside and simultaneously opened short positions, which we have put in break even. Let's see the structure in the smaller timeframes, if it is forming a small running flat for more downside, or if, at the end, this was a deeper correction which broke the trend but more upside is coming (extremely unlikely):
Trade closed manually