USDJPY set up ideas and trades

[ForexTus]

USDJPY Buy idea.
Still only looking for buying opportunities on this pair for the moment. Currently we have made relative equal highs and a small retracement to fill in the imbalance. From here I will be looking for this pair to come down and retest the OB but hold above the low. As we can see this would be 70% to 79% on the fib levels. Once we get back down to this area during a trading session i will be looking for a smaller TF break in structure.
Keep a close eye on market structure and remember key entry and price action will be needed.
Let me know what you think of this set up.
If we break the low continuation to the down side will be expected and trade invalid.

Let me know what you think of the idea.View attachment 79629

Id like it to go a little further below to your yellow box. I like that area

 

[TareqS]

The level of 143.000 holds the price as a level of support. The buyers may push the price towards the level of 145.000. However, the pair reacted twice at the level of 145.000, so it may make a bearish reversal from there again. A bullish breakout may push the price towards the North with more pressure though.

 

[sebking1986]

With interest rate hikes expected tomorrow I expect to see 145.000 get taken.

 

[carlo c.]

Never catch a falling knife, I prefer stop orders over limit orders

 

[pezz55]

USDJPY
Today we seen a massive move on this pair and on the daily we have taken the highs and the lows. We seen this pair break right back down to an untested order block and reacted from there This could be the start of the bearish run or just a correction move clearing up liquidity before a continuation to the up side.
I will be looking for this pair to come back down retest the breaker move and then continue to the up side. Targeting the bottom of the last bullish candle and then see what we do from there.
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.

What did you make of the move today?

 

[TareqS]

Your marked support zone looks strong. If the level holds the price and produces a Double Bottom, the buyers may get long opportunities as you have suggested. However, the last bearish move is a strong one. It may end up making a bearish breakout as well.

 

[Stoic]

The level of 144.900 seems to be a strong level of resistance. The price had a rejection earlier as well. At the last rejection, the pair created good bearish momentum in the H4 chart. The pair may remain bearish for a while.

seems to stop at 145 they are not going to

 

[ForexTus]

USD is just so strong no cross can take it on at the moment

 

[Stoic]

USD is just so strong no cross can take it on at the moment

it looks like there are purely fundamental factors in the game, the technique does not work well

 

[TareqS]

The level of 144.750 may work as a level of resistance. The sellers should wait for the price to produce a bearish reversal pattern to go short in the pair from that level.