USDJPY HOURLY BULLISH
Updated
USDJPY is a great pair to trade because of its volatility, spreads, and tends to react similar to previous action.
-115.35 area seems to be a strong support area and has tested it a few times
---> Tested this area twice on January 5th - 6th before ripping +200 pips with indicators in extremes
---> Recently tested this area twice, January 9th -10th with indicators in extremes
- Indicators had a positive divergence out of extremes following price action for the bounce to the top of the range, as they do here
- The most recent trading action suggests to me that this has potential to retest near the top end of the range
---> USD/JPY made a high in the early morning of the 10th over the previous flush
---> Today this price action retested the lows making a large doji higher than the previous indicating large potetial purchase orders in this area
**One day does not make a market, but today's price action on the hourly chart looks to be a signal for a trend change compared to the hourly price action since mid December
**To me there is good risk/reward here at these levels with a stop under what has been support/resistance even going back a few months.
-115.35 area seems to be a strong support area and has tested it a few times
---> Tested this area twice on January 5th - 6th before ripping +200 pips with indicators in extremes
---> Recently tested this area twice, January 9th -10th with indicators in extremes
- Indicators had a positive divergence out of extremes following price action for the bounce to the top of the range, as they do here
- The most recent trading action suggests to me that this has potential to retest near the top end of the range
---> USD/JPY made a high in the early morning of the 10th over the previous flush
---> Today this price action retested the lows making a large doji higher than the previous indicating large potetial purchase orders in this area
**One day does not make a market, but today's price action on the hourly chart looks to be a signal for a trend change compared to the hourly price action since mid December
**To me there is good risk/reward here at these levels with a stop under what has been support/resistance even going back a few months.
Trade closed: target reached
Target reached against bearish sentiment on the USD that day. My target was just below the red upper channel at 116.7. Last week was a great week and I can only hope to continue this performance.+60% for the week ending the 13th using calculated entries, risk, and exits
Special note from someone whose been around while, don't listen to anyone in a chatroom. This is especially true if during live trading when you're looking for a position. If you are following someone else, you are not a trader, you are a gambler ;)
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