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Usdjpysetup

USDJPY | Perspective for the new weekMy last publication (see link below for reference purposes) on this pair saw price move against expectations as it continues to find Higher Highs. From a weekly perspective, the successful Breakout of Y104.150 confirms the completion of a Reversal pattern with confidence that supports a Bullish bias in the coming week(s). Tendency: Uptrend ( Bullish ) Structure: Trendline | Breakout | Supply & Demand | Harmonic pattern (AB = CD) Observation: i. Since the Breakout of Y104.150, I am of the opinion that the correction phase is yet to complete hence patience is required at this juncture. ii. In this regard, I suspect that the correction phase might evolve into a Harmonic pattern (AB = CD) before the rally begins. iii. The line drawn under pivot lows ( Pivot I, II & III) explains and graphically represent the prevailing direction of price (Uptrend). iv. It is very possible that we might experience a temporary Breakdown of this Trendline due to the Harmonic expectations in anticipation of the rally. iv. The significant Breakout of Key level confirms that the Supply Level no longer holds as the sharp rejection of Y104.400 on the 10th of Feb. 2021 suggest we might be having a new level for Demand @ Y104.400/103.800. v. Should price decides not to decline into the Demand zone in the coming week(s), a significant Breakout/Retest of Y105.100 could be a buying window to take advantage of. Trading plan: BUY confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:4 Potential Duration: 7 to 12days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
4
UsdJpy near strong supportAfter breaking the falling trend line resistance at the end of January, UsdJpy also broke above horizontal 104.30 resistance and accelerated up and reached shy under 106 resistance. Now the pair is in a normal correction and very close to this new support. In my opinion, the trend for this pair has changed and we can expect a new leg up once this correction is finished. I'm looking to buy UsdJpy and only a daily close under 104 would change my bullish outlook
Long
by Mihai_Iacob
3
USD/JPY Look For Further DropThis plummeted yesterday and this morning which made for a great trade on yesterdays idea to short. This is now at support so I expect some hold up at this point with a slight retrace before potentially breaking through the next support. I do not expect much resistance to breaking this support so a short can be taken on the retrace at around 105 would be good. This approach is also to make up for the small risk/reward of the trade if I took the normal approach of entering after breaking support and entering on the retest. TP is at 0.618 Fibonacci - 104.264
Short
by olly48
USDJPY | Perspective for the new weekMy last publication on this pair fetched us over 200 pips (see link below for reference purposes) and it appears another trading opportunity is coming in! The Greenback has been on a spiral downtrend until last week when price turned around to show signs of strength as it breaks out of Bearish trendline to set up a possible rally in the coming week(s). The Greenback appears to flex muscle as the idea of stimulus coming out of the United States lingers. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Trendline Observation: i. Breakout of Bearish Trendline and Support/Resistance (key level @ Y103.700) last week gives the impression that we might at least experience a change in trend. ii. With this Breakout, we might have to be patient to see the extent at which the corrective phase will go before hopping on the rally. Trading plan: BUY confirmation with a minimum potential profit of 120 pips. Risk/Reward : 1:3 Potential Duration: 2 to 5 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
USDJPY, 4hr tf, sell on area of confluence resistanceHello my friends, As you can see, USDJPY just rally for 100 pips in the last 2 days. In my opinion, this rally will be short lived as long as price below 103.70 on daily and 4hr tf basis. We could see further upside if price managed to closed above 103.70 on the daily tf. So as long as price below it, we will only sell on every rise (SOER). As you can see 103.70 is an important level because it previously served as horizontal support. Now that price already broken below it, this level will now become a resistance. Right now the 4hr tf EMA-200 also located at 103.70 area so we could say this is an area of confluence. I provide 2 trading plan where you could set your take profit. Feel free to choose either one. Sell USDJPY 103.70 Stop loss 104.00 Take profit 1 at 102.60 (3.6R) Take profit 2 at 101.20 (8.3R) Use only 1-2% risk Good luck
Short
by HayatoDragonFX
USDJPY, 4hr tf, sell on retest of resistanceHello my friends, This is the last week of 2020 and i hope we could book some profits before this year ends. It has been a hella ride for this year and the market was in high volatility through the year. After marking our support and resistance zone you will find out that 103.60 has acted as strong support previously. It could turn into strong resistance for USDJPY and we will sell USDJPY as long as price hold below it. I also draw an ascending trendline to marked the recent movement but price now breaking below it. Sell USDJPY 103.60 Stop loss 104.10 Take profit 102.85 (1.5R) RR Ratio 1 : 1.5 Use only 1-2% risk Good luck
Short
by HayatoDragonFX
1
USDJPY, 4hr tf, sell wave-5 of elliott waveHello my friends, Another setup for today is USDJPY. Today JPY pairs offer us some interesting setup to trade so we will try to capitalize all the opportunity offered As you can see this recent movement could be marked with elliott wave marking. We already saw wave-1 to wave-4. I think we are going to see 1 more move to the downside which is wave-5. Remember that wave-4 can never touch wave-1 area so based on this principle we will use that as our stop loss. This trade offer us 2.5R opportunity so it is worth to try. Sell USDJPY 104.00 Stop loss 104.00 Take profit 103.00 (2.5R) RR Ratio 1 : 2.5 Use only 1-2% risk Good luck
Short
by HayatoDragonFX