USDJPY Week Opening
Updated
From a 4h perspective we are in an uptrend heading back to the Daily supply zone in the 136-138 range. I like the picture of a pretty steady climb back to that area without much interruption though. A new report from the Sankei newspaper tells us that Governor Kazuo Ueda will be meeting this week discussing long-term BOJ easing. Now, this really isn't much of a surprise but fundamentally, being bullish here just makes sense. I would be looking for price to retrace back to the 200h MA and swing area and use that as an entrance point if buyers lean on that area. A break of that area to the downside though opens up last week's low and the supporting trend line and potentially giving way to the 100 day MA. Play it how you wish but I think price will either go up or go down. Happy trading!
Note
I went ahead and removed our old order as we unfortunately did not get the full retracement to our entry. I placed a new order at the crossing of the new trend line and the 100h MA and also increased our TP to right before the Daily supply zone. I would imagine we would encounter some choppiness and resistance at the swing area between 135.1 and 135.4 but I think ultimately our TP is still very much in play.Trade active
We're in. No change to previous orders
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