We have had a fantastic week in the USDJPY asset. Price ripped through resistances on the prospect of the JPY economy contracting.
We expect this asset to find a new range, on the fact that the PMI data from the US came out weaker than expected. Perhaps risk is seeping into other economies.
The 110800 minor level is what we should be looking at to...
With the US index' at all time highs, the USDJPY has shown some strength as the currency pair correlates.
This week we saw the pair struggle to get above the 110130 minor level, if we were to take this pair long we will need to get in after the first retracement leg.
If we get a break of the 109650 handle. Bears can look to take the pair to the...
Last week we called for shorts below the 109650 level, we should be looking for a bounce as we come into the 50MA, R1, the retracement levels and the low of the range.
For this asset we should be looking for some consolidation and a breakout of these regions to the upside before we take a long position.
All the best,
The USDJPY has shown strong resilience to uncertainty and bearishness in the market; this is a long only asset in my eyes. We identified a potential range which we saw price break out of, any pullbacks on this asset is a buy. Pullbacks can be quite strong so wait for some buying confirmation before taking a long position.
all the best,
Price has tested the high of the range we highlighted last week. The stochastic still shows strong bullishness. This may be due to the settling of US-IRAN tensions.
For this asset, if we break the 109650 major level then we should be looking for a bullish play.
Bearish signals here will need a bearish cross from the stochastic, with targets to the...
USDJPY found some bearishness at the start of the week. It extended past the low of the range in a choppy way, which suggested it may have not been ready to sell off in a uncertain market.
This asset is a range play asset only between 109650 and 108400, with an anticipation of the possible break past 109650 with some continuation.
The chart shows all again! Support and Resistance areas highlighted in blue. Upwards trendline as support also to help pick my exit to this trade.
We've seen the USDCHF and USDCAD come down today and USDJPY is now also showing signs of following hence the entry into this trade.
The USDJPY is a buy only asset. On any pullback it gets bought into, the only downside to trading this pair is that the swings are quite wide. Tight stops will get taken out easily.
The stochastic crossed bullish and we can see higher lows and higher highs. If we can stay above 108400 then we should be looking for buys.
I suggest waiting for buying...
The probabilty of a long trade is high because the market has come very close to the support line and has not broken past that.
The market is at a bullish uptrend.
The last bearish candle has not exceeded the bullish candle.
As mentioned before I am new to trading so any feedback is welcome :)