USDJPY | Perspective for the new week

Updated

Following the buying pressure at the 147.000 zone, the greenback rallied during the latter part of last week's trading session to insinuate a potential bullish expectation in the coming week(s). The dovish rhetoric of the BoJ’s monetary policy appears to have caused a plunge which makes it uncertain to jump to any major conclusion at this juncture. However, it is worth noting that next week is laced with a series of high-impact events that participants in this market will be looking forward to in other to make an informed decision to either buy or sell.

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The week has begun on a bullish tone as the price breaks out of the channel at the 147.800 level and the appearance of buying pressure around the 147.800 on the lower time frame insinuates and technically confirms a trend continuation to the upside. However, it is worth noting that the price could take out the buy position to initiate a breakdown of the 147.400 area hence the need to move the stop-loss to secure the position as buying momentum continues.

Good morning

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UPDATE

Securing position

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90pips in profit, secure position while wait for the market to present a second opportunity to add position to the existing trade.

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Time to add one more position

Trade closed manually

After being taken out of the buy position with a small profit... Let's see how participants in this market will anticipate the high impact even coming up today (PMI). Buying pressure is observed at the 147.800 zone (the first entry zone) hence if buying pressure is observed in the lower timeframe, we should get ready to buy one more time.

Good morning

Trade active

UPDATE
Price is back at the neckline that was broken during the course of last week's trading session. So, we shall be looking for buying pressure around this structure in the lower time frame to join the potential bullish momentum.
Buying above the 147 level after confirmation (explained in detail during the live studio session)

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UPDATE

100pips in profit, secure position

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Taken out with approximately 80pips profit as selling momentum takes over the market. We need to be patient here as I am of the opinion that judging from the current structure as a lower high is identified - we might be witnessing a breakdown/retest of the 147.000 level in the nearest future but if a breakout/retest of the new trendline identified on the chart - we could be looking at a bullish trend continuation. Update coming soon

Good morning

Note

It is worth noting that there are a series of high-impact events today which is highly likely to be a catalyst for price movement. So, we shall be monitoring the behavior of price action prior to and after the events.

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Fed Interest Rate Decision, Fed's Monetary Policy Statement, and FOMC Press Conference coming in up very soon... Protect existing position.
Good evening

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Will the breakdown of the 147.000 level turn out to be a bearish signal? Looking out for retest of structure on lower time frame/ selling pressure below this level to join a potential decline.

Note

Let's be patient here and allow the haphazard movement of price action which is a result of the recent high impact even to settle before making any further actions

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Despite waking up late today; It looks like we might be right on time of joining a potential rally as above the 147.800 level looks promising to buy especially after the buying pressure above the 147.000 area which led to the breakout of the trendline. Best of luck today.

Good morning

Trade active

Still on track; securing position

Trade closed manually

Following the selling pressure at the 148.400 zone, was taken out of the buy position. So, at this point, we need to be patient to see what structure price action is going to evolve into and we should also be aware that anything that happens from now on shall be in anticipation of the NFP coming up later today.

Good morning

darcsherry

Trade smart. Trade consciously

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USDJPY | Perspective for the new week | follow-up details

by darcsherry

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