Last Friday we seen UJ make a massive break to the down side. reacting off the 150 level. since then we had a small retracement and a continuation down. I will be looking for this pair to pull back up above the 50% of the fib and of the entire downward candle. for there we will be in premium looking for sell opportunities. I have marked out my ideal set up covering the higher range of the move but once we pull up above the 50% mark i will be watching price to see how it reacts in the markets. Keep a close eye on market structure and remember key entry and price action will be needed. Make sure you use proper risk management when trading.
Do you thing this is the start of the fall for this pair?
Still hunting the USDJPY fall. Last week I posted about waiting this pair to break back up above 50% of the big bearish candle. We are nearing that area now and losing momentum. I will be looking for a Friday set up with this pair as we have NFP coming in to play. Marked out where my sell set up is. you will see only a wicked area of price, will be looking for a reaction up in to here tomorrow and then a downward drive from the news. Make sure you use proper risk management when trading.
Do you thing this is the start of the fall for this pair
USDJPY sell set ups This pair has been giving opportunities over the last 2 weeks 2 of the sell opportunities i have managed to catch and looking at getting a 3rd position to finish the sell cycle. Taking out the relative equal lows. For here we could be rebalancing higher timeframe bias and see where the market wants to move next. Always keep a close eye on market structure and remember key entry and price action will be needed.
How have you got on with this pair over the last weeks
The pair looks very bearish. It may find its next support around 135.250. There is enough space for the sellers to go short. Thus, it should attract more sellers and create good bearish momentum for the next move.
USDJPY After last weeks fall i managed to close out strong for the end of the week, looking at the current range now i am still looking for bearish movements on this pair but feel we need to pull up and fill in some of the rage, as you can see we have taken the low to the left and held on the daily candle. Now i will be wanting to see a short term retracement back above 50% of the wicked range before we continue to push down again.
What are you current thoughts on UJ at the moment are you bullish or bearish on this pair?
It has been very bearish in the H4 chart. The pair has produced consecutive bearish candles. The sellers may wait for the price to consolidate and produce a bearish reversal candle at the value area to go short in the pair.
USDJPY for now shows descending movement. For my forecast the pair will falling to the level of 0.4540. Most likely, a noticeable fall in the pair will be on January 4, after the news. And before that, there will be lateral movement.
I have that as my before and after.. +400pips running. Still a Bear run until the bottom trendline. Price may still bear but we'll see what confirmations we have next to keep selling or to adjust to buys. Lower TFs are good to take entries.