I put together this chart to show you that in reality, all we are seeing is indecision. We should be patient and wait for the market to show us its clear direction. Once we see a break either way, I will be looking to buy/sell from the re-tested structure to the targets marked.
COT Data - 54% Short
IG Client Sentiment - 59% Bullish
USDJPY is in range which can be also considered as a bull flag.
Technical aspects of the chart.
20 and 50 EMA buy signal was given.
MACD is on a first buying tick after three selling waves.
Broke out from head and shoulders formation.
Strong bounce from uptrend line.
Testing key resistance of 105.480
Buy the breakout.
Take profit slightly below...
USDJPY has recently crossed the 50EMA meaning the start of a new trend on the 4HR Chart. This with the Federal Reserve’s policy announcement on Thursday provoked a violent reaction as the dollar snapped lower then recovered but the prospect of an ever lengthening term at the zero rate boundary drove the USD/JPY to its weakest close in a month on...
This pair is depreciating more and more, the previous daily candle closure was a huge bearish engulfing candle suggesting that we could potentially see more selling pressure leading into next week. Now that price has broken the small ascending trend line marked, I would expect a slight pullback followed by more aggressive sells. I have marked the levels I am...
USDJPY LOOKS like it is getting ready to break out of the ascending trend line. I have put emphasis on the word LOOKS because it is not yet a confirmed breakout, so for that reason, we still need to treat the trend as bullish. If we see a close back above the trend line we can look for potential long term buys, If we get a confirmed breakout we can look for sells...
It's very hard to look at this pair and determine its next move. What we are looking for is a slight pullback into the marked decision box before we can gather any ideas as to what may happen next. Personally we have more of a bearish bias, but in order for this to be confirmed, we would need to see the break of the small ascending trendline followed by a re-test...
If we take a look at the previous candle closure on the weekly time frame we can see that a huge bearish engulfing candle has been left with a wick, could this wick potentially get filled? The daily time frame is showing us indecision.
This pair is in a downtrend and we must respect it until certain down trend rules get violated, I have labeled our areas of...
Previous resistance made support on this one. Nice rounded shape and 4h bounce on Rsi too with divergence. Looks like it might push up some more still holding my longs! If you’re not already in this it may be possible to catch some pips on the run up but be careful with your positioning. Timing of the trade is key 🔑. Always follow an appropriate risk management plan.
We are really interested in this pair, after having an explosive bull run yesterday, we are now loading up next move. This is how we plan to trade this pair now that we have reached a key structure level. The most important thing to do now is to sit on your hands and wait for the market to tell you what it wants to do next.
51% of commercial players are short...
We are now facing a key structure area for USDJPY, we may begin to see rejection from here. If we see signs of clear rejection we could enter a sell position down into the 105.500 region. However, if we manage to break this key zone to the upside we will be looking for a buying opportunity when the price re-tests the structure.