Hi Traders, this is my plan for this pair, if the all conditions will be met I will enter (or might not). Make sure you follow me all updates will be shared here from opening until the close of the trade. Don´t hesitate to comment with any questions and hit like for the support.
Reason: JPY as the safe haven will strengthen on RISK on. COT confirms that we can see USDJPY banks are closing the longs and it will most likely drop down to the 100
Technical: Price is moving in the channel middle of the channel and to the supply zone. Tick volume is decreasing on the up move. So this move should not last for long time.
FX Hunter Strategy is based on mainly watching the big picture of overall world economy and dividing the FX pairs in to couple baskets.Following the volume of big players ( COT by CFTC) and tick volume helps to see what the market movers are doing. Parallel channels, Supply / Demand and Market Profile are used to determine levels of interest for the trading. Slight usage of Elliot waves for the market structure.
I also see a lot of accumulation of opening shorts and closing longs above the key SR of 109.00 which is also in line with the Fibo retracement and extension. Will also be keeping a lookout on a nice PA wave to time my setup! Thanks for your idea sharing