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!
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)
After hitting the Resistance level of 113,650 a few times without a good breakout we could see a drop to the first Support level of 113,200. If that level won't hold we could see a further drop to around 112,600. Our last target is 112,275.
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The next few hours are very important for USD/JPY. We could either see a retest of the Resistance level of 113.200, or we could see a retest of the Support level 112.650.
I'm currently not trading this pair, I'm waiting for a move to the Support or Resistance level.
Goodluck trading and follow me for more analysis!
USDJPY broke out quite sharply yesterday at FOMC, expecting the market to continue downside move towards prior lows, short term momentum well lined up, so worth to play shorts today.
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Definately ov erbought at this point. Price has been rejected. Take profit 1 was drawn from the golden ratio of the previous rise and i believe its going to fall back to it. As of the other take profit stops I believe it will be a aprt of a formation of a double top... a big swing. Thoughts?
USDJPY been a nice mover from past few sessions, price action is struggling at the moment, momentum is weakening across short term time frames as well, so i am looking for short setups here, not expecting much pips but still there is scope for 30-40 pips.
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USDJPY HAS RECENTLY TESTED AN AREA WHERE PRICE TESTED MULTIPLE TIMES IN 2017. I HAVE TWO BIAS ON THIS PAIR.
PRICE IS IN AN UPTREND ON THE DAILY TIME FRAME. EITHER PRICE WILL CONTINUE UP TO MY FIBONACCI TARGET AT THE -27%
OR PRICE WILL BREAK THE UPWARD CHANNEL, RETEST IT, AND THEN CONTINUE DOWN TO PREVIOUS SUPPORT.
WATCH MY VIDEO ANALYSIS ON THIS PAIR YOUTUBE: ...