USDJPY - Update on Potential Buy Opportunities
First of all, congratulations to all those who are following us and our analysis on this pair (www.tradingview.com/...n-Buy-Opportunities/) and managed to get into the buys at the bottom, on the break of the minor trend.
Right after the break, there was an immediate consolidation structure in the form of an "abc" expanding flat, but most of it happened during night hours, and until it was completed we weren't certain that the pair wouldn't have gone for one more down, so we did not manage to publish it in time.
Nonetheless, if the beginning of the big upside, there will be other chances to enter the trade. At the moment, in fact, the pair is consolidating right around the daily corrective structure to the upside, the break of which, will signal that the pair will be at least going to go and retest the upper trend line of the medium term long weekly consolidation structure. Watch said small corrective structure happening now around the daily trend line, on the 4hr and 60min timeframes. If it forms a nice flag or some sort of abc correction, buy the break of it, with a stop loss above it. Let us remind all traders that the expected movement to the upside, once it starts, will be huge and potentially take the pair to the 122 - 124 area.(www.tradingview.com/...-on-Daily-Timeframe/).
Although unlikely, if instead it rejects the impulse price wise and the pair reverses for one more down, it will correct the impulse with a small flag, in which case we will take profit on our buy positions and wait for another buy opportunity later on. We are not interested in any sells though, from now on.
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.
Right after the break, there was an immediate consolidation structure in the form of an "abc" expanding flat, but most of it happened during night hours, and until it was completed we weren't certain that the pair wouldn't have gone for one more down, so we did not manage to publish it in time.
Nonetheless, if the beginning of the big upside, there will be other chances to enter the trade. At the moment, in fact, the pair is consolidating right around the daily corrective structure to the upside, the break of which, will signal that the pair will be at least going to go and retest the upper trend line of the medium term long weekly consolidation structure. Watch said small corrective structure happening now around the daily trend line, on the 4hr and 60min timeframes. If it forms a nice flag or some sort of abc correction, buy the break of it, with a stop loss above it. Let us remind all traders that the expected movement to the upside, once it starts, will be huge and potentially take the pair to the 122 - 124 area.(www.tradingview.com/...-on-Daily-Timeframe/).
Although unlikely, if instead it rejects the impulse price wise and the pair reverses for one more down, it will correct the impulse with a small flag, in which case we will take profit on our buy positions and wait for another buy opportunity later on. We are not interested in any sells though, from now on.
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.
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