Sublime_Trading
Short

Breakout on The USDJPY?

FX:USDJPY   U.S. Dollar / Japanese Yen
We last posted on the USDJPY             on March 5th when price was close to setting up for a breakout entry.

As often can happen at these areas, price found temporary support where the bulls came in and took price back to the pivot support-turned-resistance of September and where we had our short position triggered based on a pullback strategy.

The bears have since taken control of the market and, as of yesterday, pushed through support and are now setting up for that breakout we first anticipated back on March 5th. We do, however, still need to apply patience and wait for the market to break and close below the March low to confirm the breakout and a potential trend continuation. Price has made a strong move in the direction of the bear trend but we are only in the Asian session. The picture could look very different by the end of the trading day.

Long traders trying to pick a button of the trend in this month of March will now be seeing price move against them. If stops are non-existent or constantly being move further away as the bears get closer, then this could end up being one of those journeys with a bad ending. It is the undoing of many who fail to grasp the concept of the trend is your friend.

If that breakout is confirmed, then we will be looking to add positions the the pullback triggered earlier this month.

We would now like price to make a neat and linear move to the next key support level of 100.

Sublime Trading
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out