USDJPY | Perspective for the new week | follow-up details

Updated

The Yen rose 0.3%, as Japan's core consumer price index inflation remained steady in March from the prior month, at 3.1% hereby confirming that inflation still remained above the BOJ’s 2% annual target and with a series of high-impact macroeconomic events from the Japanese docket in the coming week, we could have some prominent price movement ahead and post the events. Events unfolding from the US docket, especially from Fed officials; insinuates that US interest rates will likely rise further even as economic activity cools. This video illustrates the technicality surrounding price action in the last couple of weeks for an insight into the possibilities of both buyers and sellers in this market in the coming week(s).

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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.

Trade active

Price action is currently trapped within a range and we have no choice than to remain patient for trading opportunities in the form of either a breakout or breakdown of the current structure.

Good morning

Trade active

Buy position triggered; secure

Trade active

Secure the buy position as it appears bulls are losing momentum. The newly identified trendline on the chart will be our guide going forward.

Trade closed manually

After being taken out of the buy position at break even, we shall remain patient to see how price action unfolds in the next couple of hours for our next line of action and since there is a breakdown of the trendline, selling opportunities seem reasonable to consider but we need confirmation before jumping in.

Note

No decision made yet; We do need confirmation to join a move at this juncture as price action transitions into a choppy situation.

Good morning

Trade active

UPDATE

Trade active

Secure sell position

Trade active

Price action remains below the key level at the 133.800 level. We are still watching if the buying pressure observed in the last 13 hours around the 133.500 level will uphold bullish momentum but if it fails and a breakdown/retest of this level happens, selling opportunities will be welcomed.

Good morning

Trade active

Secure all sell positions

Trade active

Trade closed manually

Buying pressure resumes

Note

The key level at the 133.800 level is still a key determinat of price movement as it becomes a neckline of a potential inverse head and shoulder pattern. We are waiting to see how price action reacts to the zone between 133.800 and 133.500 for the next line of action.

Good morning

Trade active

Secure buy position

Trade active

Secure all buy positions as we have multiple entries with over 500 pips in our direction

Good morning

Trade closed: target reached

Price action is now within our TP target zone with over 500 pips in profit; profit-taking activities going on

darcsherry

Trade smart. Trade consciously

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USDJPY | Perspective for the new week | follow-up details

by darcsherry

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