Usd/Jpy

[Tanveer333]

TP 2/2 at 108.172 for a $200 trade. Not sure what that big volume was but I don't like it and I've made 62 pips today all trades now closed. Better start to the week. I'd like to short again from higher

[Asif777]

Yes I have 1 of 2 trades still in play. That's what I'm comfortable with. I've made 52 pips today (profit taken), with this last trade essentially risk free, and I am happy.

[Tanveer333]

Just need to survive the hour change over as Japan comes alive
Have to say I'm kinda happy I think my chart reading has improved. I had a short at exactly the same spot but with 5min hammer and break back above 50 SMA I closed it. However, the bearish engulfing candle that came next going straight back to bottom edge of 100SMA convinced me to try short again. Earlier in my trading I would've stuffed all that up and presently be holding a long around 108.5. I take nothing for granted, keeping a tight SL, I'd rather get stopped out than lose money on this now as I've done well this am.

[Asif777]

well I'm pretty annoyed with confluence. out of a trade atm, but will avoid trading these in the future. I am, however, waiting for a break out stubbornly. I'm also now thinking it will become range bound on break... I guess.. Trump speaks in 1 hour??? who knows what will happen

[Hanif484]

I fear this is going to break up again.

The resistance is holding. Hopefully the force is strong with my trade. The USDX is a nightmare to read technically. Those hour candles

[Tanveer333]

Something to watch with the current bounce, from the previous resistance. Price could just stall out, forming another wedge, above or just lose steam and collapse.

Or something which has a chance, below us all away and push higher......lol

Short, I'm but prepared for anything.

[Asif777]

trying a night fish because I thought if I woke up in the am and it had broken down I'd be irritated. placed 2 trades, just TP on 1 other as per pic BE, no set TP

[mansurep]

this is my analysis for USDJPY pair , hopefully it will be good & understandable and help you to earn good profit in trading.
simple moving average chart for this pair seen as an indicator as smoothly up movement, so it is possible that the breakout of the resistance level at 108.92 and the pair will continue to go up to the next resistance level at 109.17
in my personal view this pair will be continue bullish trend, for intraday trading today I suggest BUY at the level 108.87. , stop loss at the level 108.52 target take profit at the level 109.32
if market movement as my scenario, you can earn good profit and avoid much loss in your trade

[Hanif484]

1:Trend touch, bounce lower,
2:Small consolidation with break,
3:Hits previous resistance
4:Bounces off

Battle we shall see, now hmm

[Tanveer333]

THE USDJPY pair, repeat itself often, it does.

Finding a similar price movements from history can help to give insight into the future movement of price. With that said, over the past 5 years, only one time, a similar pattern appeared, to replicate what we see today. This movement being a large downward thrust after a strong downtrend, in relation to USDJPY.

During August 24th/25th 2015 this pattern appeared on USDJPY and what occurred afterwards was an 8/9 week consolidation period. Fast forward to where price is today and the current price movement has acted in a similar fashion, along with BONDS and interest rates. I wouldn't be surprised to see this exact thing. A period of 5-8 weeks of consolidation for the USDJPY pair.

And a possible longer consolidation period, considering the drop in august was 4 days and the current downward movement was a 3 week move from top to bottom.

One last thing, the range being about 180-220 pips.

May the force be with you, always!