USD/JPY Price Action Signals Traders

The price action signals from last time did play out really well. If you are still holding positions in those instruements, you will be doing very well. On the other side, if you did took your profits after I have written my previous article here, you are probably not really happy. Although still making money, you could have made much more if you are still in. One way or another, it is better to be out of the market if you are not sure what price action is showing. That is what separates successful trading from losing trading.
Today’s signal is coming from a currency pair that we have not talked about since a few weeks. It is USD/JPY. What I am seeing is an inside bar that is forming around a support area. It is a strong reversal signal that is showing that sellers are hesitant to continue selling and are covering their short positions. I am thinking of testing the market and going long at around 117.35. My stop would be placed just under the level of 116.40. My first target is the level of 119.00. THe secondary target is the level of 121.00.
Happy Trading ,

Colibri Trader