There is a bullish trend developing on usd/jpy pair. I’m having a ask order.
I can’t see a favorable opening for a deal right now. Therefore, I’ll wait to see which of the variants is the right one.
It seems to me that the asset will go for breaking the upper bound after reflecting from the bottom line.
I expect the price to grow up to 117 level approximately. Around this level I will set the take profit order.
Well, the asset moves as I’ve predicted. I think that I can earn even more on USDJPY! Definitely, the show must go on =)
Right now, I can’t see the entrance for opening a deal on the asset, so I’ll wait until the price reaches one of the levels, and then I’ll make a decision.
Price is now testing H1 wedge patterns support. I think that it is more likely for price to move higher to 114.80, 114.90. Even test daily wedge resistance at 116.70. Because it needs to correct itself to the upside after such big drop down.
Well, the asset moves as I’ve predicted. I think that I can earn even more on USD/JPY! Definitely, the show must go on =)
From my BLOG
Planning short term bounce in USDJPY
On the 30min chart, usdjpy is 400 half hour periods away from the 200sma which is very overextended. I’m looking for a short term bounce, but very aware of how strong this trend is, so reduced trade size is in order. If I get a half hour close above the recent resistance at 108.33, I’m looking to buy with a stop bellow the middle bollinger band, looking for 109.00.
I expect the price to grow up to 107,67 level approximately. Around this level have set the take profit order.
UJ looks like there’s a certain chance it will short after it reach price R/S level 107.67 or long approaching 107.67