USDJPY set up ideas and trades

TareqS

Sergeant
Messages
180
The pair had a bounce at a very significant level of support in the daily chart. If the level holds the price as a level of support and produces a bullish reversal pattern, the bull may dominate in the pair for a while. A bearish breakout on the other hand may drive the price towards the downside.
 

pezz55

Sergeant
Messages
193
USDJPY Trade update from last week.

On the right is the chart and ideas I posted last week and on the left is an update.
As you can see the sells got tagged and running in profit. Currently looking at structure I feel we could go all the way to TP on the sell but will be watching the buy area at London tomorrow to see if we need to shut it down and change bias. Currently running at 5R and seeing what the markets bring for Friday trading. Could be continuation move or retracement of the week move.
This is why you need to manage a trade and watch price action. we do not want to give what we have earn back to the markets.

Let me know if you caught the trade and your set ups in the next week.
USDJPY trade update.png
 

SimonMatthews

Private, 1st Class
Messages
30
Caught that one well. Very good advice, always need to revisit trades and adjust SL etc. Not a pair I normally trade but am following your analysis for ideas in the future.
 

TareqS

Sergeant
Messages
180
The pair has been choppy in the H4 chart. The level of 132.600 may hold the price as a level of support and push the price towards the North. If it makes a bullish breakout at 133.900, the pair may get bullish and make a new higher high.
 
Top