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The latest bullish bar was quickly returned to the original levels. I held a long position for close to a week now and recently exited on Friday's close. Perhaps on Sunday's open, I will reconsider opening another trade provided that the dollar's strength is still stronger than the yen.
Pinbar to buy from the support zone, in a non-obvious uptrend.
Starting R\R - 2:1
USDJPY long. The exchange rate moves in a triple ascending wave structure. At present, the wave of the second ascending wave structure correction ABC is built up. this is supposed to be slowly over here. If the analysis is correct, it can be seen that within a few days the structure of the third wave structure can begin. Its target price is around 115.13 levels.
UJ in my perception seems to be in a bullish trend until 114.200 resistance zone. Price respected the 0.618 Fib retracement and at this point we are at .50 fib region. I will consider to enter a Buy position depends on the market opens.
Let see if we can reach our Main Target Fib ext -27% and Daily resistance zone.
USD JPY Trading Strategy based upon Trend
80 SMA -> Uptrend
480 SMA -> Uptrend
14 RSI -> Uptrend
Go Long when price touches the trend line
Stop Loss - 40 Pips below the trend line .
Profit Taking - Resistance line at 113.13
Dollar yen has broken out of its long term triangle pattern- LT resistance near 114.5
Scenario A) 4hr correction ends - trend continues to 113
Scenario B) 4hr correction has further to go - look for new longs near 112
USDJPY broke out of its horizontal resistance-turned-support level at 105.60 (horizontal overlap support, breakout level). A strong bounce could occur at this level pushing price up to our major resistance at 106.67 (horizontal swing high resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension) which coincides with the long term descending resistance ...
USDJPY is approaching our first resistance at 105.27 (horizontal overlap resistance, 23.6% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 104.63 (100% Fibonacci extension, horizontal swing low support).
RSI (34) is also approaching our major resistance line at 54%, in ...
Great looking pair over the next week or so, should see a long position hit the 107.00 region and retest of the support and continue its way back down to a bearish position, around the 103.00 region
Downward trend may have come to an end, will the bulls jump back in?
USDJPY is now testing major resistance at 109.76 (Fibonacci retracement, horizontal swing high resistance) and a strong reaction could occur at this level to push price down to 108.33 support (Fibonacci extension, horizontal swing low support). Our next level of resistance is at 110.36 (above multiple Fibonacci retracements, above pullback resistance).
Support at 107.830 (thick red line) seems to be a buy signal for most, although there is strong support coming from 2012 (purple line) which was tested in June 2016, twice in August 2016 and twice again in September 2016 which all failed to break. Ill be placing buys when UJ touches the purple support line, with SL below the thick red line - personally don't think ...
USD Index Weekly: The index has traded to the lowest level in 159 weeks. This has resulted in signals for sentiment being at oversold extremes. Levels below the trend of lower lows (from Q3 2015 and Q2 2016) are finding buyers. A break back above 91.00 would reignite USD bulls.
One currency pair that would take advantage of this reverse in trend is USDJPY. ...
UsdJpy - Daily chart - expecting bullish extension legs from here for all jpy pairs. Technically I see dollar index and jpy pairs on a pull back so good setups across all dollar and jpy pairs.
Hey, youraveragetrader here!
- If you need more explanation, just comment your questions.
There is a big flag pattern which was already broken and retested.. Now this was the second retest before going rocket high
Hey Guys, We are keeping our bias bullish for UJ over the next few weeks and have identified a potential area where this chart may find a higher low structure level at 113.200. This is based on a support and resistance level which has been tested on both sides and a previous higher high point. We have a target of 114.778 and a stop loss at 112.900 giving us a very ...
On Friday this pairs trading range fluctuated nearly 1000 points from highs of 113.45 to lows of 112.30.
Looking at the daily time frame price is currently respecting MA's and I am expecting a daily close above 112.80 to confirm bullish bias.
I have highlighted this as a key level in accordance with the daily trend line that stood firm throughout last weeks ...