USDJPY set up ideas and trades

[TerraNova]

So, my trade looks nice (I have changed take after posting here):

and 5-th wave is not finished yet...

 

[TerraNova]

This pair has currently climbed all the way up over the last few mouths and we have just come up to above where we were at in Dec 2016.

So, we look at this level

and think - what a nice level for selling!! but if this is truth?

Lets see it more global:

if it were M15 - are you selling here? I'd prefer to see a down-impulse for begining..

 

[JimmyRozza]

Actually the RSI on the weekly chart is also showing overbought too. Will be looking for my short entries through this week

 

[Treacle]

Wise to wait till this surge upwards slows down

 

[pezz55]

USDJPY Price Correction.

JPY has been weak across the board with some huge moves across the board on these pairs. But at some point there must be some form of correction.

For this I will be looking for a 4 hour rejection of the run up tomorrow London session. then setting up a sell going in to New York.

As you can see marked out on the daily timeframe I will be targeting 50% of the move up and we can see a red candle in the middle of all the green candles which is out of place and needs mitigating.

This trade idea is only short term as currently market structure is still very bullish and we will see a continuation on the up side so its important to take profit if you get in the trade before the market takes it back again.

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. Let me know how you get on.

 

[JimmyRozza]

This thing just keeps on climbing! We may test the top from 2015 before getting the retrace though.

 

[Glastonburyk]

Battle of the safe havens! What goes up.......

Exactly mate, there will be a swift backlash and I’m waiting to jump in

 

[TareqS]

The sky has not limit. The pair has been heading towards the North with extreme bullish pressure. The sellers may not find opportunities to go short in the pair soon.

 

[FriendlyFX]

Looks like there's a nice drop incoming lots of room to go down

 

[sam.peters]

Looks like there's a nice drop incoming lots of room to go down

Definitely looking like we'll have a brief pullback, but I do think the overall trend is very bullish at the moment.