USDJPY Broke above the psychological and structural level 110 and we could now look to the next dip. Best would be if the correction happen back to that 110 to try and find bullish evidence at that area to buy at.
Top down analysis
All zones shown on chart
price has broken the zone and found support a strong level this is good indication of the bullish continuation
Risk Reward is around 5 SL and TP provided
If you have any questions feel free to contact me on instagram @hasanrazaq
As you can see in the graph above the dollar against the Japanese yen just broke resistance in the H1 Time Which usually leads to a wave of ups, The target of the dollar will be the Moving Average200 (You see his line in the daily graph so in the graph above we just put a line as our graph is H1)
Take profit: 111.20
Breakdown of USDJPY
Green zones are daily reversal zones
You have an impulse, followed by a correction in the form of a bullish structure
We only trade if we see a break and retest of the daily reversal zone as shown in the chart.
Use relevant price action to identify rejection
For any questions reach out to me on instagram @hasanrazaq
So with USD/JPY right now we will be focusing on the key level 108. If we can stay above this a retest of 109 and higher is possible. Although I feel its more likely that we will fall under 108 to the 106-107 region. Keep an eye out and wait for either a 2 hour candle to close below 108. or a 2 hour candle to close above the trend line, be cautious for fake outs!
My last target of 109 was hit and I closed my profits.
I am currently waiting patiently for this pair to decide which direction it is going to go.
Upside Target: 112
Downside Target: 106
I would recommend sitting on your hands and let the market play out, and be cautious of fake outs.
Remember we did just experienced a flash crash so the markets going to be a...
Next up we have USD/JPY after the recent flash crash I feel like we should let the market chill out a bit and sit on our hands. I personally feel a 109 retest is coming soon and we can capitalize on a potential bounce or break set up. If we break the descending trend line 110 will be met rather quickly. If we bounce off the descending trend line my next downside...
After hitting our targets absoluty perfectly last trade we can now see a turn around. I expect we will be back at the Resistance level of 113.650 by Friday.
Entry: 112.300 (I already entered)