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Usdjpytrade

USDJPY Trade IdeaPrice is now at a strong resistance level and note the hanging man (hammer @ resistance) which printed - this is the sell signal. Conservative traders will wait for confirmation (bearish candle) Aggressive traders enter @ market price usually. This is for increased risk to reward ratio so I am in short @ market price 111.952 and SL above the high @ 112.227 and TP at support lower down (and the next if the market keeps paying) @ 111.346 As usual don't bet the farm, good risk management won't kill you but the lack thereof could :) Follow me in forex Bootcamp using the Telegram link below
Short
by Cmasterza
USDJPY Trade IdeaWe saw a nice bearish move on Friday as money flowed out USD into safe havens like the yen and gold. The up channel has been broken and I am looking for a retracement to the 50.0 or 61.8 fibonacci levels. Once price reaches the 110.396 level I will look to price action for a sell signal to short this pair: IF the above happens I will have my stop above resistance at 10.885 and my take profit lower down at 108.992 (support seen on D1) As usual, don't bet the farm and exercise good risk management. For more info on exact entry and trade management feel free to follow me in Forex Bootcamp using the Telegram link below
Short
by Cmasterza
2
USDJPY Short FX:USDJPY Welcome back to a new trading week :) Following some bullish trade ideas from last week and the week before, long orders were closed with little profit as the charts slowed down on the bulls and started to bring signs of bearish price action to the charts... I have applied the top down method in analysing to find on W1 and D1 time frame corresponding with my H4 view. Here we can see a short term trend line broken to the down side around a key level. On D1 I have noted that Friday's candle has pinned the 21 ema which is a great indicator to get in on a short of the trend is generally down. Sell order opened @ market price 109.328 with SL above the recent highs @ 110.272 and TP around the swing low on the left @ 106.988 On this trade I am rising 95 pips for 235 on the reward end BUT if you check the recent swing low on W1 you will find that this trade has a 500 pip potential. Don't bet the farm and always exercise healthy risk management!
Short
by Cmasterza
USDJPY recovery above long term trend lineFX:USDJPY Price has just pulled back above the long term trend line drawn (on H4 and D1 tf) following the flash crash from last week. Note the marked bullish engulfing candle pattern printed on support signalling the potential move higher. I have opened a buy order at market price 109.042 with *Stop loss below the support where I feel that the setup would become invalidated @ 107.771 *Provisionally targeting the 200ema @ 111.409 and then the major resistance IF price pushes higher to 113.589 Don't bet the farm, always exercise good risk management
Long
by Cmasterza
USDJPY remain bullish for a further push upBuy above 111.31. Stop loss at 110.45. Take profit at 113.06. Reason for the trading strategy (technically): Price has made a retracement to its entry level and looks set for another bounce for a further push up. We remain bullish looking to buy above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance). RSI (34) has bounced off nicely from our pullback support at 52% and has good upside potential for us to play the rise from here.
Long
by MEX_Exchange
USDJPY dropping perfectly as expected, remain bearishSell below 109.66. Stop loss at 108.23. Take profit at 110.40. Reason for the trading strategy (technically): Price has dropped strongly towards our profit target. We remain bearish below 109.66 resistance (Fibonacci retracement, horizontal overlap resistance, for a further push down to at least 108.23 support (Fibonacci extension, horizontal swing low support). Stochastic (55,5,3) is seeing major resistance below our 96% level and has good downside potential. Intermediate pullback resistance is seen at 40%.
Short
by MEX_Exchange
USDJPY dropping perfectly, remain bearish for a further drop.Sell below 110.66. Stop loss at 111.25. Take profit at 108.23. Reason for the trading strategy (technically): Price has dropped perfectly from our selling area as expected and is on track to reaching our profit target. We remain bearish below 110.66 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a further push down to at least 108.23 support (Fibonacci extension, horizontal swing low support). Stochastic (55,5,3) is seeing major resistance below our 96% level and has good downside potential.
Short
by MEX_Exchange