USDJPY TRADE SET UP - PRICE HEADING TO SUPPLY/RESISTANCE LEVEL

U.S. Dollar / Japanese Yen (FX:USDJPY)

Updated

FX:USDJPY U.S. Dollar / Japanese Yen

Hey Traders, UJ price looks like it will test the most recent highs. Looking for BUYS up to this area and possible SELLS at the supply/resistance level. Confirmation entries are recommended. Remember to be adaptable to trade either way at the "extremes" of price. Price will either break out and continue higher or start showing rejection and sell off. Happy trading.
DIONNG

Comment:

Hey Traders, priced pulled back at 06:00 after the Asia push and bounced off 150.72 at 08:00 making a high of 151.42. Extreme resistance is at 151.70.
DIONNG

Comment:

Hey Traders, UJ price is at supply/resistance. Monitoring price action and waiting for 06:00/08:00. DIONNG

Comment:

Hey Traders, as you can see, price broke out and hit 151.91 which was the high from 21/10/2022(last year). At 15:00 the price dropped 70 pips before bouncing and recovering around 55 pips. I looked at Forex Factory for news and there was nothing significant that could drop the price so violently. The algorithms must have been on overtime gobbling up liquidity below and at the same time time out the poor retail traders going long. There is definitely manipulation going on that's why you need to take profits often and always have stops in place. The uptrend is still intact and there are many trading opportunities as you can see from the chart. Look at price action, the time of the market and relevant levels to work out if you are buying or selling. Do we see a significant pullback here since price equaled the high of 2022?
DIONNG

Comment:

Hey Traders, price bounced off 151.15 after yesterday's sell of. May have missed the boat here but i will be looking for a retest of support for possible buys targeting the highs.
DIONNG

Comment:

Hey Traders, the "plan" worked out well. Anyway catch a chunk of this?
DIONNG

Comment:

Hey Traders, what looks so obvious may not be the case. We have a H & S bearish price action forming on UJ. Last line of defense is the 151.15 level. A breach of this level may see a continuation down. I'm watching the level below 151.30 where there is built up liquidity plus demand for an indication of where price will be heading. It's either going to bounce from there or head lower. Higher resistance is at 150.80. Top level resistance is at 151.90, possible sells. Remember, price action is key, trade accordingly.
DIONNG

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