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USDJPY Trading Analysis

Posted on Oct 11th, 2017

by colibritrader

USDJPY Trading Analysis

by: Colibri Trader

Dear all,

Yesterday I wrote about Germany 30 (DAX). Today I spotted a bullish formation on the intraday charts, which reaffirmed by bullish stance from the Daily chart.

I did open a long position after a pinbar formed on the 4 hour chart. As you can see from the screenshot below, the mood has continued to be bullish.
I will monitor price action tomorrow and wait to see if the bullish mood is kept throughout the day.

The daily timeframe is looking bullish, too. I started the analysis yesterday by the daily chart. Today, there is a bearish rejection- pinbar that formed.

USDJPY Trading Analysis

Today’s trading analysis is coming from USDJPY. I have not covered this pair in a while. It seems like another bullish formation is on the way.

The daily chart yesterday printed a bearish rejection. Today, the candle the same- a pinbar.

To top it all up, today’s candle is inside yesterday’s candle. This gives me further conviction that tomorrow might be another bullish day.

The intraday price action is showing bullish signs, as well. There is a bullish engulfing pattern on the 4 hour chart. I will be monitoring the price and waiting for a price confirmation that I can act upon.

If I open a long position, my first target would be the level of 133.50. Then, it will really come down to price action again.

Happy Trading,

Colibri Trader

Check out this article about the relationship between Dow Jones and USDJPY

or see how I trade with Support & Resistance

2 thoughts on “USDJPY Trading Analysis”

Juri says:

October 15, 2017 at 8:37 pm

For me Look s USDJPY like a big SKS Formation.

Reply
1. colibritrader says:
  
  October 19, 2017 at 6:15 pm
  
  What do you mean by SKS?
  
  Reply

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