USDJPY: Clearly up trend. Wait for an opportunity to go long
USDJPY review and plan:
1. Review:
- As we can see, USDJPY is in an up channel now.
- The first target of this up move will be at 125.80 (previous high)
- The 2nd target will be at 134.00 (upper channel)
2. Plan:
- At this time, we only know that this pair is bullish, so we will want to be a buyer.
- We have 2 choices:
+ Buy when it breaks through some kind of resistance
+ Buy after it pullback and hit some kind of support
- Right now, we have a minor support zone which can be seen clearly on daily chart at 121.20 - 121.50. So the 1st plan is wait for price pullback to this zone before we go long.
- 2nd plan is wait for price form some trading range or pattern which from there we can have a clearly resistance and go long when price break.
- Now we only have ideas about where this pair might go and where we should get in. Actual entry price and stop loss will be determined on lower time frame (daily, 4h, even 1h chart) to lower the risk.
- We will stay bullish on this pair until there is a clear sign that it will reverse.
- The most important level to watch is previous high at 125.8. The way price acts at this level will show us if it wil continues or not
Happy trading
1. Review:
- As we can see, USDJPY is in an up channel now.
- The first target of this up move will be at 125.80 (previous high)
- The 2nd target will be at 134.00 (upper channel)
2. Plan:
- At this time, we only know that this pair is bullish, so we will want to be a buyer.
- We have 2 choices:
+ Buy when it breaks through some kind of resistance
+ Buy after it pullback and hit some kind of support
- Right now, we have a minor support zone which can be seen clearly on daily chart at 121.20 - 121.50. So the 1st plan is wait for price pullback to this zone before we go long.
- 2nd plan is wait for price form some trading range or pattern which from there we can have a clearly resistance and go long when price break.
- Now we only have ideas about where this pair might go and where we should get in. Actual entry price and stop loss will be determined on lower time frame (daily, 4h, even 1h chart) to lower the risk.
- We will stay bullish on this pair until there is a clear sign that it will reverse.
- The most important level to watch is previous high at 125.8. The way price acts at this level will show us if it wil continues or not
Happy trading