On daily we see an up trend that took place towards the end of 2012 and we had a trend change by the first month of 2016, in other words we had almost 3 years of up trend in USDJPY .
USDJPY was able to loss almost about 40% of what it gained in 3 years over 4 months, this is due to uncertainty of the market in the couple of past months with Brexit and USD rate hike.
I prefer more downside on this pair, with that being said, we shall wait and see what the market has in store for us.
If we break the channel, then I will wait for a small consolidation and buy. In the other hand if we break the minor channel in the 4hr I will sell till the green line, if we break that too, I will sell again after a consolidation.
We should be cautious once we reach the turncoat area. we can either face a there and head back up. or go way down.
- Sentimental data provided by Mongers Kit shows majority are Long on this pair :
Liability Disclaimer : All trades posted here are my personal view of the market.
If your planning to use them as signal, do your own research first and you are responsible for your own entries, exit, profit and loss management.
Mongers Kit is complete traders toolbox, with all the data and news you need to have successful trades. Mongers Kit is packed with features such as :
1) order flows in real time.
2) current open positions from 4 different brokers.
3) real time news update.
4) TV and Radio to your favourite channels (Blomberg, CNN , , etc).
5) Dynamic sessions - see all the rises and falls in each session.
and much more, get your kit now at http://www.mongerskit.com
If your my follower, you get 20% discount on your purchase of Mongers Kit.
Contact me for more details.
IF we get a healthy retracement back to the green line before we hit the turncoat area I might sell, if not, then we shall wait till we get to the turncoat area and look for a reversal of trend anywhere from 102 to 99 and buy.