ChaosTrader63

USD vs JPY At Range Resistance Zone

FX:USDJPY   U.S. Dollar/Japanese Yen
The USD vs JPY hasn't done much this year as it's been sitting in a range and basically sleeping. It finally has shown some life as it has four consecutive bullish days but it's sitting at major resistance. This resistance zone was first hit on 12-5-2014 and then attacked again between 3-11-15 and 3-17-15 before finally falling on 3-18-15. Well we are back for the third attempt and as usual I will suspect this major level to hold until price proves that it is now support rather than resistance. Our 4 Hour chart is showing a nice hanging man doji at this resistance level but this pair is tricky around support and resistance levels. This is where a lot of bull traps occur and that is why we should follow the rules of support and resistance and trade short at resistance. Breakout traders looking for the breakout tend to get caught in the Bull Trap as price fades and falls back down below resistance. I'm shorting this if I can get another bounce at 121.440 with my SL at 122.327. Looking for profit back at the bottom of the zone at 118.968. The lower range levels are not so clearly defined therefore we took the most obvious support level with a slight buffer. Once again be careful at this level and look for clearly defined price action. Check me out at fxatoneglance.com for more analysis. Thanks and God bless!
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