USDJPY near support - buy
Updated
There are two levels of support in the 1H chart. Note that in day chart, the price action has already broken down from its bullish trend line so this is short term buy.
Action required - wait for the price to break out of the bearish trend line. See if there is a pull back that closed above the support line at 108.454. If yes, place a buy position , small for now.
Price could also plunge down to the 2nd support line before breaking out of trend line. So again, wait.
In buying, we want to buy low, sell high. Every lower price we can get , we are reducing our risks. Think of traders as risk managers , mitigating risks in every trade.
Trade safely.
p/s : I think USDJPY should have more room to go up since dollars is strengthening and it is still a risk on environment.
Action required - wait for the price to break out of the bearish trend line. See if there is a pull back that closed above the support line at 108.454. If yes, place a buy position , small for now.
Price could also plunge down to the 2nd support line before breaking out of trend line. So again, wait.
In buying, we want to buy low, sell high. Every lower price we can get , we are reducing our risks. Think of traders as risk managers , mitigating risks in every trade.
Trade safely.
p/s : I think USDJPY should have more room to go up since dollars is strengthening and it is still a risk on environment.
Note
Praise the Lord. Mark 11.24 - Therefore I tell you, whatever you ask for in prayer, believe that you have received it and it will be yours.Congratulations to those who followed and made good profits from this long.
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