CAD reaching resistance. Although Oil is still rising there will likely be a little bit more upside. With strong USD and JPY selling pressure we may see UJ break support at 110 this time around once CAD reverses down.
Back with another tactical trade plan
Today we take a closer look at USDJPY that has just broke out from an uptrend momentum.
The overall trend is still bearish even though previous upside impulses had some impact but didn't change the overall sentiment.
Here my entry point is based on the retracement on the break out point.
If there is further...
Daily & H4 trend bearish.
H4 still bearish as long price did not break the blue box area (previous resistance area)
Looking for sell setup IF any at the blue box area. IF price breakout from resistance, SELL setup VOID.
Daily downtrend, H4 price downtrend.
Current price retrace back to the previous support broken and now act as resistance.
SELL setup continuing with the trend.
RR :1:2 to the nearest previous support.
We can see the uptrend on the USDJPY and we are looking at a BUY if we do break resistance at 108.000 and movie up to first take profit close to the resistance at 108.136. If we do break support however we are looking at a very nice downtrend until at least 107.400. Let's go champs!