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

Many are still expecting a Fed pause next month but the jobs market isn't cooperating as it record a 13th straight month of non-farm payrolls beating the consensus estimate. A crisis of confidence among regional and mid-sized U.S. banks, which first broke out in March, has also resurfaced, and adding to these concerns is the potential U.S. debt default, the first-ever if Republican lawmakers in Congress continue their political wrangling with the Biden administration instead of having the debt ceiling raised. In this video, we have taken the time to dissect the current USDJPy chart from a technical standpoint to decipher the likely potential of price movement in the coming week. Technically, a bullish momentum is foreseen but when and how it will happen is the bone of contention.


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Comment:

Price action breaks out of the 135.700 Level identified in the video to start the week with a strong bullish signal. Will this be a true or false breakout? Now we have a simple structure to guide our move for this week as we wait patiently for a signal in the form of a breakout or breakdown of the structure within the 135.700 and 136.260

Good MOrning

Trade active:

The market continues to consolidate ahead of the Retail Sales data today.

Good Morning

Trade active:

Buy stop triggered

Trade active:

Buying pressure continues as the trendline remains our yardstick today; secure position

Good Morning

Trade active:

Fall out from our live session this morning

Trade active:

UPDATE

Trade active:

Secure all buy positions as the third position is triggered.

Trade active:

Secure all buy position as we look out for more opportunities

Trade active:

Price action falls into a consolidation phase. If still in a buy position secure position. Looking forward to more buying opportunities at the breakout/retest of the 137.700 and a breakdown/retest of 137.350 MIGHT incite a retracement move.

Good Morning

Trade active:

UPDATE

The trendline remains our guide for today

Trade active:

Secure buy position

Trade closed: target reached:

TP target hit on all buy positions with over 500 pips accumulated profit

Comment:

After testing the 138.750 zone, we have observed how selling pressure resumes hereby leading to the breakdown of the trendline to send a bearish signal. This bearish move (if it holds) might be the beginning of a retracement of the bullish impulse leg and if this is the case, we have structures identified on the chart for trading opportunities where the descending trendline will guide the bearish opportunities. However, a breakout of this bearish trendline could change the bearish perspective to bullish.

Good MOrning

Trade active:

Buying pressure resumes as price action breakout/retests the trendline at 138.300. Secure position

Trade active:

Price action takes out the buy position at break-even to trigger the sell position at the breakdown of 137.950. Secure sell position as we round off for the week