hey guys,
though many traders sell usdjpy following bearish breakout of a narrow trading range
where the pair was trading for more than one week,
I have the opposite view.
looking left we see that we have a lower support 111.7 level.
+ taking into consideration a rising...
USDJPY is approaching our first resistance at 111.54 (horizontal overlap resistance,50% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce to our first resistance at 112.01 (horizontal swing high resistance, 76.4% Fibonacci retracement) might occur.
Trading Plan Week 17, 2019 (22nd Apr - 26th Apr 2019)
Plan 3: USDJPY - Breakout Soon - Target 112.264
If there is a strong bearish pattern to break the trendline, then USDJPY will fall.
1st target @ 111.264
2nd target @ 110.900
Best price for pullback @
In USDJPY we have a beautiful move that we called out for sell scalps. Perfectly hit our ascending trendline and reversed immediately towards the monthly resistance. Now we are facing two scenarios. A sell stop or a buy stop.
USDJPY SELL STOP
start: 111.648
Stop loss: 111.953
Take profit: 110.195
USDJPY BUY STOP
Start: 112.253
Stop loss: 111.913
Take profit: 112.849
decided to go long on this pair strictly because of fundamentals i look at, weakness in Yen, and we know for the most part there is strength in thee dollar.
USDJPY DAILY CHART:
- TESTING 112.00 LEVEL FOR THE PAST 8 DAYS
- BULLISH TREND LINE
- RSI > 50
---> READY TO JUMP
BUY PLAN:
BUY@111.879
STOP@111.570
TARGET1@112.95
TARGET2@113.85
RISK: MEDIUM, IN CASE PRICE BREAKS
DOWN BELOW TREND LINE ---> SELL PLAN
Hello all
Following my two entries in USD JPY on the 17th and 18th April, I am now entering a third position Short.
It is now starting to cycle lower on the 1hr time frame and therefore, dependant on how it closes in the next 30 minutes, I will be looking to enter again Short.
If this plays out, i will be 12 : 1 Win vs Risk ratio as I have been able to reduce...
Also known as trading the “gopher” the USDJPY pair is one of the most traded pairs in the world. The value of these currencies when compared to each other is affected by the interest rate differential between the Federal Reserve and the Bank of Japan.
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