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

Japan’s core consumer price index (CPI) rose to a seven-year high, amidst rising fuel prices and a widening trade deficit to give the Greenback the leverage to thrive. In this video, I shared my technical opinion on my expectation this week as I look forward to retesting of the neckline @ 135.000 zone to join a potential rally.

Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Comment:

I am still anticipating a buying opportunity here which is likely going to happen around the key zone at 135.000 which is the neckline of the reversal pattern identified on the daily time frame. However, a counter-trend opportunity (selling) is possible since the expectation of price coming back into the key zone appears to be in alignment with the current structure (breakout/retest of neckline).

Good morning

Trade active:

The retracement into the neckline zone at 135.000 appears to have began

Trade active:

Price tends towards the neckline at 135 zone as projected

Good morning

Trade active:

Price is back at the entry zone and I was able to identify a bearish trendline here - on the 1H timeframe. So, I expect to see rejection(s) of this line to add more positions. It is also worthy to put into consideration the Jackson Hole Symposium coming up in half an hour as we need to see how price reacts to this symposium.

Trade active:

Price is back within the zone it started this week as bearish momentum appears to be stalling. Am I going to be stopped out? Time will tell

Good morning

Trade closed: stop reached: