USDJPY Nothing Goes Down Forever April 3-7 Trading Plan
Updated
USDJPY looks like its bouncing back up after a severe downmove forming a nice channel. 4H Timeframe View:
It was able to pullback and even retest the 20MA in the 4H timeframe so it will be great if it touches the 50MA(yellow line) and hold above it for a confirmation of the short term uptrend.
Long: 111.342
Stop: 111
It might still pullback to test the 50MA on the 4H so its better to be safe to put the stop a few pips just below it
Target 1: 112.9
The 20DMA/50DMA even the 4H 200MA are converging on this area so its reasonable that it might have difficulties breaking through this level so I might take partial profits on this area just in case
Target 2: 113.8
If it doesn't get rejected on the level with a cluster of MAs then the next logical target will be the upper channel
Any feedbacks are appreciated!
Note
So far the 50MA 4H held up pretty well leaving a long wick after bouncing off it.
Its still possible it might retest it one more time but looks like a firm support is building up on this demand area
Trade closed: stop reached
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