USDJPY Daily trading strategy M15 chart
The USDJPY seems on a correction trend in 15 mins chart.
There are 2 possible trends in forecast within day.
One is continuing the uptrend correction, and challenges the 38.2% and 50% Fib retracement, which are around 105.9 & 107 level. However, it is proved that the 38.2% retracement level is an effective resistance in 15 mins chart.
Therefore, it is higher possibility, the USDJPY will touch the 38.2% retracement level again, and finish the correction and go down again, the down trend resistance will be more stronger in future hours.
Short position can be considered in the case, a sell limit can be placed around 105.8-106, stop loss above 107. Market sell can wait for the correction wave confirmed completed, which is suggested under 104.5 again.
There are 2 possible trends in forecast within day.
One is continuing the uptrend correction, and challenges the 38.2% and 50% Fib retracement, which are around 105.9 & 107 level. However, it is proved that the 38.2% retracement level is an effective resistance in 15 mins chart.
Therefore, it is higher possibility, the USDJPY will touch the 38.2% retracement level again, and finish the correction and go down again, the down trend resistance will be more stronger in future hours.
Short position can be considered in the case, a sell limit can be placed around 105.8-106, stop loss above 107. Market sell can wait for the correction wave confirmed completed, which is suggested under 104.5 again.
Trade closed: target reached