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USDJPY Trading Analysis

Posted on May 8th, 2018

by colibritrader

USDJPY Trading Analysis

>>>Before Proceeding With Today’s Trading Analysis, Get The Free Candlesticks Manual

Dear traders,

Last week was not really strong in terms of trading setups. The last trading analysis covered the EURGBP and it went down and then up to 0.8840 as expected.

The daily chart printed an inside candlestick bar, which hinted for a halt or reversal and that is what followed in the next few trading sessions.

Currently, I am not in this trade or am not considering taking another trade for the foreseeable future.

Here is what I am looking at the moment:

USDJPY Trading Analysis

Today I am looking at the USDJPY.

It looks like the pair might be ready for new gains.

I am looking at an inside bar that formed on the daily timeframe.

One factor to be aware of is the close proximity to a major resistance area at 110.00-110.50

I will be looking to see if price rejects or confirms this level and decide if I want to keep the same direction or reverse a trade.

Currently, there is a bearish rejection candle or a pinbar that is forming on the 4 Hour chart.

If the 4H chart does really print a pinbar, I might consider taking a small long trade bearing in mind the close resistance area.

Happy Trading,

Colibri Trader

p.s.

If you are not sure how to read candlestick charts, read this article on CANDLESTICKS or Get The Free Candlesticks Manual

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