USDJPY Stuck in Consolidation makes for simple Day Trading
Part 1 Daily Picture
To safely trade this pair we need to wait to see if the market either breaks down 107.290, retest as Resistance and continue down with a target of 106 Levels.
Or break up 108.084 retest as support and continue up back to 108 Levels.
I think this will potentially break down as this is the overall trend so selling is the safer option.
Part 2 Hourly Picture
However that been said there is clear scalping opportunities while this pair is stuck in this range we can look to catch 25 to 40 pips on the on the 1 hour chart.
Market Cipher B helps a lot here you can see it when price cuts in for sells.
Simple sell at Resistance, great prices to get in are 107.880 - 107.950.
Buying at Support, good prices 107.300 - 107.380.
If you manage to get these price you should be able to get away with using 20 - 30 pip SL and just simply hold for 25 to 40 pips, Close and switch bias till price decides to break out of consolidation.
USDJPY is currently moving on average 50 pips a day.
Daniel Brennan
UCFX
To safely trade this pair we need to wait to see if the market either breaks down 107.290, retest as Resistance and continue down with a target of 106 Levels.
Or break up 108.084 retest as support and continue up back to 108 Levels.
I think this will potentially break down as this is the overall trend so selling is the safer option.
Part 2 Hourly Picture
However that been said there is clear scalping opportunities while this pair is stuck in this range we can look to catch 25 to 40 pips on the on the 1 hour chart.
Market Cipher B helps a lot here you can see it when price cuts in for sells.
Simple sell at Resistance, great prices to get in are 107.880 - 107.950.
Buying at Support, good prices 107.300 - 107.380.
If you manage to get these price you should be able to get away with using 20 - 30 pip SL and just simply hold for 25 to 40 pips, Close and switch bias till price decides to break out of consolidation.
USDJPY is currently moving on average 50 pips a day.
Daniel Brennan
UCFX