USDJPY Trading Analysis
USDJPY Trading Analysis
Dear traders,
It has been quite a good week last week for the EURUSD traders. I analysed this pair on the 18th of February and since then it has been in a downfall.
Currently, it is trading around 1.2200 and is close to a minor support area. The major support area is at around 1.2000, which is another 200 pips or so away.
For the time being, I have a small short trade and am not considering closing it. I might close it if I see any worrying price action pattern (as according to my trading strategy) at the levels mentioned above.
USDJPY Trading Analysis
Today, I am monitoring the USDJPY pair, as well. It is showing some signs of a renewed short interest.
There was a bullish rejection at the major “support-turned-into-resistance” area. Today, there is also a bearish engulfing candlestick pattern on the daily chart.
All in all, things bode well for the bears. For how long though is another question.
The minor support level marked at 105.50 is the first stop where price will decide whether to continue falling or bounce back.
I will be looking for affirmative signs of either one of those scenarios. If I see a confirmation and a good setup (as according to my strategy), I might take a position and establish a new trade.
Happy Trading,
Colibri Trader
p.s.
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Kudos to you!!!
p.p.s.
Check out my latest article on the Bull Trap and how to trade with it
YEN DAILY TF
Yen looks like building a bullish case around 105.50, also a flip zone on monthly
If a strong fast move downward is rejected and forms a pin I would take this as a bullish sign and enter a test long position.
Would then look to a move near 109.00
Yes, certainly. I am looking to see how it will react to 109-level, but until then looks bullish:)
Yes, certainly. I am looking to see how it will react to 108-109-level, but until then looks bullish:)
Hello colibritrader,
The USD/JPY is exhibiting signs of a trend reversal now, from “daily TF”
Bull bar March 5th then a drop into the fib level for that bar. (Mar 16th)
105.80 is support area.
If we get bull engulf print it would be a favorable sign.
On the 4 hour it’s bumbling along and full of equal pressure, eventually one side will win.
Regards,
Hello colibritrader.
Daily TF
We got that bull engulf albeit a little lower (Mar 26th) more confirmation is required as this trend is downward,
Am I trying to pick bottoms ? No just monitoring and sharing my observations no entries as of yet.
Bull engulf is a statement though would you agree ? Nicer on the weekly though too.
104.60 was the exact turning point of mar 26th but I would expect and will monitor a trend change withing the zone of 102.70 to 104.60
It’s very hard to know when some thing will happen or not, that’s the uncertainty of this game.
Regards,
Regarding this one- I saw it, but the major support level is around 100, so I will not touch it. I will be waiting for USDJPY to reach that level before jumping to any conclusions or considerations. On the other side, even if you miss it, there is nothing wrong with it if you followed your rules.
Ok thanks for your comments
Pleasure is all mine
Hi Colibri,
I entered a long trade from 107 to 107 70, closed because of the R level in that area and prior candle confirming the R zone from April 13.
Many ppl are bearish this pair but the fact is we had a trend on the counter trend narrative.
My system showed me entries based on support and exits based on resistance also candle confirmations at key areas.
I will admit that during the trade I was very mindful that it was counter to dominant trend (down)
Sometimes pushing the boundaries helps us get through certain walls of trading.
Another thought I had during this trade was that there were better trade opportunities.
I missed the Pound short.
I’m still learning and will never stop, like so many others. I’ve realized there is so much more to trading than a tool to make money. It’s not about that AT all.
90% mind 10% skill.
90% discipline in following your process 10% good entries … money the by product of both.
Let’s not forget managing risk which is in the 90% area v imp.
Regards
Hi Dan,
I can see you have learnt a lot from my trading course. I am happy that it is really making a change and helping you better grasp the markets.
Regarding this USDJPY trade, I missed it. Frankly speaking, there was no indication from the Daily to exit your long trade. At the same time, there was a resistance area as you pointed out. Sometimes it is hard to make a decision, but if you are hesitating, it means it is the right time to take profits and move on. You can’t get all trades and maximise them until the end. I believe that you have done the right thing on this occasion. Sometimes, it is also important to take a break 🙂
Hi Colibri,
I appreciate your replies, very insightful and your right there was no need to exit my trade. Your course is such a simple and concise approach to trading the markets.
The hardest part is the waiting, I cannot stress that one enough.
Since our last posts this pair has printed a nice pin on the daily at a major level, the 4 hr has a bear engulf going on.
I sense that your looking at this, and I’m looking for confirmation if a reversal is to take place. Let’s see what p/a occurs at the 50% of daily pin IF that does take place ?
I have a system or checklist that must be satisfied if a short is to be taken.
Any of your thoughts appreciated
Thank you for your course
Hi Dan,
Was just looking at that. I am not going to trade it though. I wanted to share an intraday analysis with my Twitter followers today, but did not manage. Was waiting for this rejection on DAX for a long time and it aligned itself perfectly today. I have taken a screenshot for you:
https://www.tradingview.com/x/zvQY6M7J/
So far, will not trade USDJPY. Don’t really like the 4H chart. Unless there is a second rejection of the highs, I will not do anything.
Cheers,
Colibri
Highly educational
Thanks!