justatrader

USDJPY, Follow up to trade idea

FX:USDJPY   U.S. Dollar/Japanese Yen
297 1 3
Price is in a consolidation phase right now and could move either way.

1. To the downside, price will have to break a strong confluence of the consolidation lower range + the high of the flag post. A break of this will see price likely to decline to 106.86 and risks upside gains to 107.075 which will be hard to break through.

2. To the upside, the short term resistance at 107.36 needs to be broken for the final rally to the target zone of 107.737 - 107.85.

The trend line confluence in the consolidation phase adds a bit of bias to the upside but H1 candlestick is a doji . So the next candle is most likely to give hints on where price is heading to.

Continue to hold longs with an eye on the candlesticks to gauge the sentiment.
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
Closed 3/4ths position at 107.85 with stops now raised to 107.106, trading at BE+.
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