Gucci_Belt

Weekly analysis 1/15/2022 USDJPY

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY likes to mess with me. last week I had a bullish bias and USDJPY seemed to go against everything I personally analyzed. Price action dropped and pulled back to the major consolidation below it. Re-analyzing the market this week, I was able to get into a short position with the downtrend that the 1 hour and 4-hour timeframes proved to created. This netted my twice my initial risk. However, the daily timeframe showed a lot of bullish pressure at the major consolidation level after pushing back the bears and creating a massive bearish candle with a massive wick created by bullish pressure. The 15 min timeframe (where I scale in to actually place my positions) shows a potential break of the 1 hour and 4-hour downtrend that was going on this past week. Moving into the next week I am carefully watching the price to see if it successfully retests the pullback on the 15 min. if there is a successful retest of the pullback, I will be looking for buying opportunities, however if USDJPY chooses to run with the bears and bring price back down, I will be looking for short trades as well.
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