Sell below 109.80. Stop loss at 110.45. Take profit at 108.66.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area and reached our profit target. We prepare to sell below major resistance at 109.80 (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a push down to at least 108.66...
Buy above 108.66. Stop loss at 108.28. Take profit at 109.80
Reason for the trading strategy (technically):
Price continues to test our major level of support. We remain bullish looking to buy above major support of 108.66 (Fibonacci extension, horizontal swing low support, bullish price action) for a push up to at least 109.80 resistance (Fibonacci retracement,...
USDJPY Still the pair large trend shows another leg down towards 108.00, after FOMC dovish statement the pair fall again from strong resistance. Currently the pair trading above on strong support could possible temporary bounce with resistance at 110.85/111.05 now ideally capping to keep the risks directly lower to test the low of the year at 108.13.
Long...
Buy above 108.85. Stop loss at 108.28. Take profit at 110.28.
Reason for the trading strategy (technically):
Price continues to hover above support but see a long term descending resistance as first intermediate resistance. We remain bullish looking to buy above major support of 108.85 (Fibonacci extension, horizontal swing low support) for a push up to at least...
USDJPY have been holding the 109, 373 support firmly from the previous week which a test of trendline around that key area is seen with a bounce of the 50% fib retracement level gives a good confluence and indication that is a critica level to look out for to anticipate long position as long as the support remains to hold .
My ideal entry would be around 109,400...
Short term trade, however i think if the political risk may weigh this pair in coming weeks, or perhaps push it to 108.10 following next support at 105.
Order filled at 108.65
SL 15 pips only, worth taking.
Good luck!
Buy above 108.85. Stop loss at 108.28. Take profit at 110.28.
Reason for the trading strategy (technically):
Price has bounced off nicely from our buying entry area yesterday. We remain bullish looking to buy above major support of 108.85 (Fibonacci extension, horizontal swing low support) for a push up to at least 110.28 resistance (Fibonacci retracement,...
Few key areas marked out here on this pair. Possible Inverted Head and Shoulders pattern here with just the rest of the right shoulder to form. Stops relatively tight if we get in on this soon. I would wait for a break out of the consolidation red box I have marked as there seems to be some indecision.
First target would be between the 0.50 and 61.8 fib levels...
USDJPY long! Seems to have bounced off bottom of weekly Support lines and has been trading in a range between 109 and 111, having bounced off 111 multiple times.
Entered at 109.094
SL 108.750
4H chart
Buy above 108.85. Stop loss at 108.28. Take profit at 110.28.
Reason for the trading strategy (technically):
Price continues to test our major buying support level. We remain bullish looking to buy above major support of 108.85 (Fibonacci extension, horizontal swing low support) for a push up to at least 110.28 resistance (Fibonacci retracement, horizontal...
