Imran.Osman
Long

USDJPY - Possible quick gains by long throw (UPDATE - 20150721)

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             has some nice confluence.

  • On D1 TF, candles have formed above SMA 200 and EMA 50 showing upward trend.
  • On H4 TF, candles has crossed and closed above SMA 200 today and above EMA 50 2 days ago.
  • On H4 TF, Elliott impulse and corrective wave formed and completed. Going into a new phase of movement now.
  • On D1 TF, yesterday's candle was an inside bar showing another confirmation of upward trend.

Taking the conservative approach, once candle has formed and closed above 124.00, set Buy Stop at the High and SL at 123.147. TP will be at 125.546.

Happy trading!

***********UPDATE*************

The overall trend is still the same with the upward trend bias. However I have noticed that the price action has consistently tested the resistance at 124.400 in the H4 TF. I am only confident in trading this once the candle has closed above the 124.400.
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