I am trading on a small account, documenting my progress. This is not intended to be a signal!
Descending- H1 Channel
Awaiting Pull-back to retest upper channel, and fib level 0.382 were we have a sell limit placed. Take profit is at strong H4 Support.
Sell Limit - 110.380
SL - 110.816
TP - 108.500
USD JPY , is about to explode for one of the directions! We can see that we are consolidating around 109.831-110.00.
At this moment a clean break of the trend line will take us to 110.350 or even 110.600.
However a daily break of 109.70 can take us to the lows of 109.050.
This is a trade that you do not want to miss!
All of the best
Is USDJPY diving back down to 112.600 area to grab some liquidity, only to return back North again/ Looking left at the chart on a 4hr this can be seen many times. Busy day today & tomorrow fundamental wise, let's see if this 112.600 holds, could be a possibility of a break down to 112.450 for a stop hunt before positive news takes affect...
Neutral view at the moment, as we had a break of the ascending trendline on Friday with a retest of this trendline just before market close. Moving averages were set to cross but this could just be a fakeout. The daily timeframe shows a very close rejection of the same ascending trendline, however price has ranged since the end of April. Daily candle close Friday...
Currently price is being pushed into a wedge pattern on a 4 hourly, we have slightly movement in the RSI but oversold on the Stock. Could be a potential turning point for this pair as it is sitting in a key demand area to the upside. This may be the breakout of the wedge and a climb back to 113.000 region next week.
USD/JPY falls to 50% Fibo at 112.45
Due to interest rate hike by the Federal Reserve, the currency exchange rate got a downside momentum, which lasted until the pair reached the last combined support level formed by the weekly S1 and the 50% Fibonacci retracement level at 112.45. A successful recovery of the buck looks unlikely, as the rate will need to cross a...
I have entered USDJPY and shorting it down to 110.500 level, Dollar is still weak from last week and I believe it can still be shorted before we see any movement to the upside. I am deep in profit after setting a sell stop which has been hit. Take profit at 110.513
A nice close on Friday afternoon of a Bearish Engulfing with not much bull power being shown in the remaining hours of the market, closing at 112.085. On a 1 hour timeframe a head and shoulders has been created with the pair following suit and continuing to fall, adding to the strength of my short sentiment. US news is pretty quite until Tuesday afternoon so could...