USDJPY: Placing my bets with the Bulls
Have been waiting for this for days now. Finally I have the chance to put my bets with the Bulls. Its a 240 minutes / 4 Hours Analysis.
The Candle of
USDJPY that is forming right now, i.e., the time at which I am writing my analysis, can potentially give a trigger of a long trade because the context, the 24th September low touching the 285 EMA and the above mentioned support levels with the current candle touching the 90 EMA and trying to make a higher low, is just that good.
After the price makes a new high above the minor high that's been made at 25th September, my assumption is, it's going to make a new high above the high of 18th September.
So, what I would suggest is taking trades with 3 lots with conservative stops at or just below 24th September low at 106.960 or 106.950 and targets at -
1. 18th September high at 108.450 or 108.5
2. The next Resistance levels at 109.000
3. The last lot will be left with trailing stops at appropriate levels
There are 1500 pips to be made (if this pair follows the trade-plan and if the long position is taken at 107.500) with a minimum reward – risk ratio of 2.
Note: The only warning that I would like to give is the Resistance Trend-line that can be drawn from the highs of 21st May o'19 to 31st July, 19 to 18th September, 2019. This is the only Trend-line that may act a wall for this trade to be extremely profitable. This is the only Trend-line that I would keep at the back of my mind.
For traders who want to know more about my techniques or have any queries, you can chat with me directly through private chats. I will reply you back as fast as I can.
Thank You!
- The Chart of USDJPY has been following the 90 EMA as its Support/Resistance Area for many days now and then there is that 285 EMA which the Dollar-Yen has been respecting as its long-term support and resistance in 4 Hours Chart.
- The Chart also says that there is this support Zone from 106.750 to 107.250 which the Dollar-Yen has been testing quite a few times, this past 3-4 months. First 25th June o'19, then 18th July o'19, then 6th, 13th, 23rd and 29th August - these are the days when market respected the previously mentioned levels. And then there is this little prick on 6th September 2019 when the Dollar-Yen just bounced from this support-zone and climbed all the way to 108.477. On 24th September, 2019, the price of USDJPY again came to this support level, making a low at 106.960.
The Candle of
USDJPY that is forming right now, i.e., the time at which I am writing my analysis, can potentially give a trigger of a long trade because the context, the 24th September low touching the 285 EMA and the above mentioned support levels with the current candle touching the 90 EMA and trying to make a higher low, is just that good.After the price makes a new high above the minor high that's been made at 25th September, my assumption is, it's going to make a new high above the high of 18th September.
So, what I would suggest is taking trades with 3 lots with conservative stops at or just below 24th September low at 106.960 or 106.950 and targets at -
1. 18th September high at 108.450 or 108.5
2. The next Resistance levels at 109.000
3. The last lot will be left with trailing stops at appropriate levels
There are 1500 pips to be made (if this pair follows the trade-plan and if the long position is taken at 107.500) with a minimum reward – risk ratio of 2.
Note: The only warning that I would like to give is the Resistance Trend-line that can be drawn from the highs of 21st May o'19 to 31st July, 19 to 18th September, 2019. This is the only Trend-line that may act a wall for this trade to be extremely profitable. This is the only Trend-line that I would keep at the back of my mind.
For traders who want to know more about my techniques or have any queries, you can chat with me directly through private chats. I will reply you back as fast as I can.
Thank You!
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