USDJPY-Long-Update on Levels for Buying

In my previous published idea for USDJPY, I said that based on current market conditions, USDJPY remains bullish. We saw a retracement of price to key levels of support, as anticipated. The level of support that is holding currently 113.57. As indicated by the "yellow lines" on chart, the next level of support at which bids can enter the market is at 113.00-113.10.

I am in no trades at the moment as I am monitoring both the ADX and the Point and Figure Chart. You can see I use a variety of simple charting techniques to find the right time for entry. Point and figure charts helps me to eliminate the "candlestick chart noise". As is stands right now, the market is moving, without really going anywhere! I am waiting for my P&F chart to start making some green X's so I can get in. For profit taking, I will employ my usual strategy and partially close profits at key resistance levels.

I will update if and when I enter. Careful Trading!

Comment:

Not long after posting, P&F chart triggered my entry. I entered at around 113.90. The market is consolidating today. On days like this, I scalp for quick profits (10-20 pips). I have already closed off most of my trade. A small position is on with stop loss moved to break even. Next take profit levels are at 114.27 and 114.35. I expect price to retrace at these levels before deciding on which way it wants to go.

I am looking forward to doing some more swing trading in the coming weeks as the markets re-positions itself.