USD/JPY

The trend is bearish in general, but that won't be confirmed before it breaks below the previous low at 110.97.

Rally continues, pressures on 112.20/30 zone, break down would open the door to 112.00 level.

It's testing 113.20, a breakout above that level would be an indication that it will reach at least 114.50.

Hey all,


This Sharp Reversal on the USD JPY yesterday would have taken my Stop Loss had I traded it..


It was a tempting setup but there were some important reasons that caused this reversal and led me to avoid this one









These types of trades can be tempting especially when the 4 H Chart offers 100 Pips. But what I find is that targets of less than 100 Pips or 100 Pips exactly tend to be associated with weak setups and signals. So even though the 4 H had strong Bearish Signals, the Signal on the Daily Chart was weak. This usually leads to volatility and reversals on the lower time frames.






As you can see, the last Bearish Candle was fairly weak compared to those that normally lead to strong moves such as those that led to the strong downtrend on the left hand side of the chart.


Key is to always keep an eye on the Daily Chart despite how strong the signals on the 4 H Chart maybe.

I just noticed the hammer, the inverted hammer and the doji candlesticks on the weekly time frame. I can't believe I missed this. The pair will be climbing next week.

Right now it's just a tight range, I'm not opening new positions before a proper break out in either direction.

It has more room to go down.

It does, on the monthly time frame at least, that much is obvious. But whether or not it will be able to break below the previous low any time soon remains to be seen.

Pressure is still on the downside, I set my next target at 111.00 level.

Usdjpy plays the range, consolidation pattern 110.80-114.60
Strong resistance at 120.40
Support level below the lowest price will target level at 106.00 area, as long as the usdjpy stay above 106 meaning the bullish trend didn’t over yet, but keep staying below 114.60 is not a good sign
Moving above 114.60 will lead to 116.40 resistance while crossing this level could give us the 118.20 area

The pair is currently testing 111.60. If it breaks above that resistance I think it will reach 112.50.

It's still consolidating around that level, but it will break above it, I think.

Bullish on this one in the long-term.

The pair is still climbing, but there's a strong resistance at 113.00. If it breaks above it might rise to 114.20.

The pair just has the correction pull back before the pair push further on the upside towards 114.00 level.

csc2009 posted:
The pair just has the correction pull back before the pair push further on the upside towards 114.00 level.

I agree, I think it will fall to 113.00 before it starts rising again.

The USDJPY had a bullish momentum last week after a failure to make a clear break below 110.96 as you can see on my daily chart below, topped at 113.32 and hit 113.55 earlier today. The bias remains bullish in nearest term testing 114.50, which is a good place to sell with a tight stop loss as a clear break and daily close above 114.50 could trigger further bullish scenario testing 116.00 or higher. Immediate support is seen around 113.00. A clear break below that area could lead price to neutral zone in nearest term testing 112.50/35 area.

A correction might be at hand.

Consolidating, i'm bullish on this one.