USDJPY | Perspective for the new week | follow-up details

USDJPY continues to look for a support level as the price plunges to close the week at approximately a 5% loss for the Greenback. Attention will remain on the Retail Sales event as participants in this market will anticipate how price action will react to this high-impact event. From a technical standpoint, the price is at a critical level as it tests the trendline that has been guiding bullish momentum since the beginning of the year. So, patience is needed at beginning of the week as we need to see how price relates to this area before making an informed decision.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
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Past performance is not necessarily indicative of future results.

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Price is caught within a channel of 140.000 and 138.600. Lets wait for a signal in the form of a breakout or breakdown for trading opportunities.

Good morning

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UPDATE

Securing the buy position as price breaks out of the neckline at 140.000 area

Trade active:

Securing the current buy position as selling pressure appears around the 140.800 area. So we want to get prepared for a sell position if a breakdown/retest of the newly identified trendline. However if the price breakout/retests the 140.800, we want to add a position to the buy trade.

Good morning

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UPDATE
The selling pressure yields a breakdown of the 140.000 area as the price takes out the buy position at break-even; securing the current position. A retest of the structure (140.00 area) and a breakdown/retest of the 138.600 area will welcome additional positions.

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UPDATE
Securing the sell position as buying pressure is observed

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UPDATE

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After been taken out form the sell position with a small profit, price comes back to retest the 140.000 area. The appearance of a reversal pattern below this zone on the lower time frame might a selling opportunity. However if price breaks above this structure, we shall remain patient to see if buying pressure will persist above the structure before planning to buy. Remember that participants anticipate an high impact event coming today (Retail Sales) which can be seen reflected on the chart as a consolidation phase.

Good morning

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UPDATE

Secure position as selling pressure continues below the 140.000 level

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QUICK UPDATE

Buying pressure above the 139.700 level on the lower time frames confirms buying opportunity as participants anticipate the retail sales event. Update coming up soon...

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Buying pressure continues

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Indecision persist as price action is been monitored. Update coming up soon.

Good morning

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Despite the prolonged consolidation phase between 139.700 and 139.400, I am of the opinion that a breakdown/retest of the trendline which also shares a confluence with 139.400 might incite a bearish momentum.

Trade closed manually:

Taken out of the sell position at break-even as buy pressure resumes.

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Buying pressure continues hereby leading to the breakout of the 139.700 level

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UPDATE

secure the position(s) as price edges toward the 140.800 level

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Over 180pips in our direction (2 positions); secure buy position as selling pressure appears around the 140.800

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Selling pressure continues around the 140.800 area as price action takes out the previous buy position with about 60pips profit. Now with buy pressure identified around the 139.700 level which also lines up with the bullish trendline, I anticipate a possible trend continuation to the upside if the price doesn't breakdown/retest the bullish trendline.

Good morning

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It really has been a long week for the USDJPY; 40pips in profit, secure the current position as we end into the weekend.

Happy weekend to you all!

Trade active:

Secure the buy position as price action breaks out of the 140.800 level where a retest will welcome another opportunity to add one more position.

Good morning

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UPDATE

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UPDATE

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Secure position(s)

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UPDATE

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In the last 24 hours, we have witnessed buying pressure around the 141.200 zone which increases the chances of a breakout/retest of the 141.500 level.

Good morning

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Secure the second buy position

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Buyers are finding it difficult to break above the 141.500 area.
Selling pressure continues below 141.500 in the last 48 hours. So, if a breakdown /retest of the bullish trendline, I might be looking forward to selling opportunities below this structure.

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UPDATE
Secure sell position; breakdown/retest of the 140.00 level might welcome additional position

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FOMC coming up in 10 minutes... A huge spike is very likely at this juncture.

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OVer 200 pips in profit; secure position

Good morning

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With over 250pips profit from the previous sell position, the appearance of buy pressure around the 138.500 level in the last 24 hours is a signal that price action might evolve into a reversal pattern at this juncture. So, a neckline has been identified at the 139.000 area where a breakout/retest of this level will be an opportunity to buy the US Dollar.

Good morning

Trade active:

QUICK UPDATE

Secure the buy position as price breaks out of the neckline @ 139.000 area