The USDJPY Pullback and Bounce Off Resistance

FX:USDJPY   U.S. Dollar / Japanese Yen
We last posted on the USDJPY on March 23rd when price has broken and closed below, suggesting a continuation of the bear trend.

Ideally, we would have like d to have seen price trend in a neat and linear fashion but instead price pulled back to the resistance level close to the entry point of our trade. Because of the way we manage out stops, i.e. not being too quick to move them, we are still very much in this trade.

Price is now recovering the ground lost on this pullback with weakness yesterday and so far today.

Looking at the structure of the trend in play, it is not surprising to see these pullbacks. The should be expected as they will offer potential entry points to go short. Knowing the structure of the trend will help establish how we enter and compound and manage risk and stops. A lot can be learned by applying patience and letting price dictate what to do. The rewards are also worth the wait.

We now need to see price break and close below the low of Monday this week to suggest a trend continuation and we can look to potentially add compounds.

Until then, we will be standing aside.

Wishing you all a very happy Easter.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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