This analysis is based on the fact I'm a trend follower.
The setup of this pair is as simple as it can get. The first thing to notice is the ease of identifying the price in a downtrend. Secondly, the estimation zone can easily be plotted. Finally, there is no confusion about what price is done on the weekly or daily timeframe. This is what I love about the potential of placing a pending order(sell limit) on this pair. I'm aware that I am waiting for a pullback up to 131.829. The range price can push into is between 131.829 as high as 134.773. At 131.829 I am fighting for the best price.
My stop loss will be 134.773, and my take profit will be low from where the price will pullback. I don't see evidence of a pullback right now, so I'll wait to confirm my take-profit price. Assuming price may pullback from here my risk to reward on this trade idea is 1.64.
However, this is what a simple technical analysis looks like. At least, for my sake.
What is your take on this pair? I'd love to view your take on this currency pair. 😍
*These are my personal views. Please trade your views at your own risk.
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USDJPY is approaching my EZ. Prayerfully this week, she will trigger my sell limit for another selling opportunity.
the setup looks amazing just like gbpjpy as clear as it can get, just as you said fighting for the best price am too looking for the best bargain price