USDJPY | Perspective for the new week | follow-up details
Updated
This is a follow-up video to my previous analysis on the USDJPY as trading activities were largely sideways during the course of last week's trading session. So, price action was caught within the 145.000 and 144.200 zone, emphasising the indecision in the market at this juncture. Though price action is still within the sell window at the psychologically important 145.000 area which was identified in my previous analysis (see the link which includes daily commentary for reference purposes), the current structure could lead either way as participants in this market anticipate NFP coming up this week.
Risk 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.
Risk 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
The week has started on a bullish tone as the price breaks out of the 145.000 level (resistance of the channel identified in the video). So, the 145.000 level will continue to guide bullish momentum henceforth.Good morning.
Trade active
After being stopped out in a loss, I want to see how participants in this market are going to relate to this structure in the next couple of hours to make an informed decision. Two observations:Is the breakout of the resistance of the flat channel this morning at 145.000 a successful or false breakout? This will be answered after seeing how price relates to the temporary bullish trendline that is identified within the flat channel. So, if a reversal pattern above the bullish trendline happens, then I want to be buying. However, if a breakdown/retest of the trendline happens then the selling momentum that we have been expecting since last week might be the next move.
Trade active
Buying pressure right from the bullish trendline as patterns appear to be evolving into a double bottom. So, a breakout/retest of the neckline at 114.750 will be confirming the reversal pattern.Good morning
Trade active
Breakout/retest of the neckline at 144.750. I am buying above the neckline.It is important to state here that bearish potentials is still possible as a breakdown of the trendline might incite a momentum shift.
Good morning
Trade active
Stopped out in a loss. A breakdown of the current structure insinuates a bearish momentum.Trade active
following the breakout of the trendline that incited a bearish signal yesterday; the movement of price action in the last 13 hours appears to be a retracement into the structure with the hopes that a trend continuation to the downside will begin from the identified sell window around 144.500 and 145.000 zone.Good morning
Trade active
Trade active
UPDATETrade active
As participants anticipate the NFP tomorrow, price action is still within the identified sell window.Good morning
Trade closed: stop reached
Stop-loss level hit; Update coming soonNote
Since the stop-out yesterday, I am yet to make an informed decision on USDJPY as the price is back within the supply zone identified in the video. Though there is a tendency for a bearish move but we can't ignore the possibility of a breakout of the 145.000 area to signal a bullish momentum. So, the indecisive nature of the current market structure could be linked to the anticipation of the NFP coming up today. I will continue to monitor price action prior to the NFP event.Good morning
Trade active
Observing selling traction now as the price breaks down the 144.900 level for the second time this week by sellers.Trade active
Following a positive result from the NFP, the USD is likely to soar. So, I want to see a breakout/retest of the 145.150 area to join the rally. Please note that the current structure does not negate the possibility of a breakdown/retest of 144.900 which is yet to happen since morning.Trade active
12pips in profit; move stop loss to protect the position
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