DavoodWadi
Long

A long setup in USDJPY seeking to continue the old trend

FX:USDJPY   U.S. Dollar/Japanese Yen
There is no doubt that the bigger trend right now in most of the USD pairs has remained bullish and fundamentally speaking there is no reason behind the recent USD bear moves but profit taking of the massive long positions.

Remember: Nothing moves in a straight line

Now about the technicals:
DXY             fell sharply last week in a fashion that has happened once a few month since its big rally, which mainly shows profit taking by the bulls and often takes less time than the previous impulse. In this manner DXY             has acted more like the stocks in the time of their crashes. Showing devastating bear moves and hunting for stops.
Whether or not the bears are done is not clear but I have stacked a good team of high probability indicators to get long:

  • We've hit the previous big support from the previous crash in USDJPY             and bounced.
  • We're very close to the 61.8% retracement of the whole 5 wave move to the upside.
  • We have a pretty well-respected Median Line that we've just hit its 1.5 warning line.
  • An A=C ABC move has just terminated.
I've taken half of my positions now and will take the rest once (if) we break the high of the B leg.
(This way I would be more sure of my position because we'd have a higher high.)

I've put my initial stop at the next support. Hitting there wouldn't void the setup but this is much better than putting it below 116.00 handle simply because there will be too much risk to take.
The profit Target is the least I'm looking for; a new high, if the analysis is correct.
DXY: Dollar correction timer expires today

I'm skeptical about a usdjpy long though.
+2 Reply
welll done!
+2 Reply
DavoodWadi Fib.The.Gentleman
2 years ago
Thank you Mr.Fib
+1 Reply
thank you davood for nice analysis
+1 Reply
DavoodWadi manijeh.kazemi.33
2 years ago
Ought to give some back after using your nice analysis Manijeh
-1 Reply
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