Hope all is well, my seventh published trade on Tradingview.com ( EURGBP IS complete with 100% accuracy and less than 0.2% drawdown. This can be found on my story on IG, below)
Taken a long on USDJPY because it's on its final stretch to a major trend line on the 4hrly/Daily time frame. Moving averages indicate that the 50 EMA has been respected...
USDJPY (1H) - intraday bullish bias
The Japanese yen keeps weakening as the US-China trade dispute showed signs of easing lately. The USDJPY is climbing along a well-defined trendline from its September low. We expect the pair to bounce off the line and continue its way up toward the previous high. 108.15 will be our immediate target for the day.
-Doji + Bearish engulfing candle stick on the 4hrs
-Candle stick pattern respecting the daily high as shown through the daily trend line (Blue)
-RSI showing overbought area
--Swings have been activated for this trade-
. There is a possibility of temporary retracement to suggested support line (106.75). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. USDJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
Potential to see some downside movement on this pair subsequent to bullish Asia and London sessions. Currently rejecting 106. DXY approaching psycho 98.
Confirmations: Fib, Psycho & DXY
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