We have our short trade on USDJPY with a great entry closed earlier before FOMC with 10 pips profit.
The signal should have tp1 hit with 80 pips.
But we choose to trade with caution.
Finally we could now say USDJPY is turning down by reaching the reflection point on the channel.
Our last tp1 is just a small miss.
We could see the possibility that USDJPY has to...
Pattern: Triangle on 4H.
Signal and Targets: Bearish if the Triangle breaks downwards (TP 110.245), Bullish if it breaks upwards (TP 112.500).
*Note: First time on 1D that the pattern makers Lower Highs instead of Lower Lows. This enhances the potential of a bearish break-out.
USDJPY is approaching our first resistance at 111.87 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement) where a strong drop might occur below this level to our major support at 111.43 (horizontal pullback support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance...
hey guys,
on dollar yen we finally see a decent market movement.
we see a confirmed bearish violation of a recently formed head and shoulders pattern.
now I will try to catch a retest of a broken neckline with targets based on structure.
good luck!
Here we have USDJPY trading near my Daily Breach. We are in a overall sellers territory. I will be looking for a sell position today. If the market comes to my sell levels @111.693 or @111.632. I will gauge momentum and execute trade. #SIMPLETRADING #BEYONDFOREX
TRADING TIP
Listening to Binaural Beats or FOCUS music can...
H4 - Price is nearing the top of the triangle pattern.
H1 - We have a critical zone that has formed based on the fibo levels of the cycle and the top of the H4 triangle pattern.
We may now expect one more push higher towards this critical zone with bearish divergence to form.
We may then start looking for sells with more bearish evidences.
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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