USDJPY: Rising Wedge Into Previous Structure (read description)

FX:USDJPY   U.S. Dollar / Japanese Yen
I’m looking at a rising wedge type of pattern forming here on the USDJPY             that is working it’s way toward a pretty significant level of structure (look left). We typically see a breakout to the downside with this type of setup as it represents the market losing steam after a high volume move.

I’ll be looking for short opportunities on this pair in the Live Trading Room, but we might want to keep out eyes on the 8:15 ADP number as we are still looking at a very bullish dollar.

This is my last active trading day for the week as I’m headed out of town but I didn want to leave you guys with a short video titled “How to Grow Your Trading Account” Here’s the link Here's the link to my youtube video "How To Grow Your Trading Account" here’s the link.


Hitting the LIKE button, leaving a comment and sharing on my youtube page would be a BIG HELP!

Akil Stokes
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important to sleep peacefully
I thought you were a hunter

Colleague of main early morning asked myself what about short idea on USDJPY - there is strong resistance zone. My belief is if price is knocking to often - finally someone will open the door - so made such picture :)
+4 Reply
stopped out !!
I didn't know if he actually entered the trade that is why I asked
+1 Reply
Marvin FX_J4YD3N
I don't understand why he (Akil) is saying "looks like we were both right". The USD went straight north and would have stopped him out. Akil?
+1 Reply
please take another look at the candle as it spiked down 40pips on the ADP news this morning before correcting itself, you should be able to get a clearer ;look at the markets movement on anywhere from the 60-5min charts
Here's a chart showing what I mean
That's a perfectly fair question to ask so don't feel bad at all.
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