U.S. Dollar / Japanese YenUpdated USDJPY > What to Expect Next, and Major Levels!!
Analysis of #USDJPY
Hi traders, today we will have a look at #USDJPY
this idea is a request from one of our dearest follower
as you can see, the market broke its trendline resistance with strong Momentum after the NFP news last Friday.
right now the market might come back to test the structure support and the previous trendline resistance which now becomes a trendline support before deciding what it will do next.
it's still early but as you can see we have higher lows and maybe the trend might be shifting to the upside in the near term, for me at the moment the market rallied almost from 128.00 to 132.00 that is 400 pips
what I can do is wait for the market to come and retest the structure support level and maybe look at the lowest time frame for a reversal pattern with confirmation to enter a buy entry with an excellent reward to risk targeting the next level of support
I hope you guys found this helpful, if you are new here click on follow, to get these ideas delivered straight to your email inbox, I will see you guys at the next one
Thanks for your continued support!
Hi traders, today we will have a look at #USDJPY
this idea is a request from one of our dearest follower
as you can see, the market broke its trendline resistance with strong Momentum after the NFP news last Friday.
right now the market might come back to test the structure support and the previous trendline resistance which now becomes a trendline support before deciding what it will do next.
it's still early but as you can see we have higher lows and maybe the trend might be shifting to the upside in the near term, for me at the moment the market rallied almost from 128.00 to 132.00 that is 400 pips
what I can do is wait for the market to come and retest the structure support level and maybe look at the lowest time frame for a reversal pattern with confirmation to enter a buy entry with an excellent reward to risk targeting the next level of support
I hope you guys found this helpful, if you are new here click on follow, to get these ideas delivered straight to your email inbox, I will see you guys at the next one
Thanks for your continued support!
Trade closed: target reached
Target Reached 350 pips, hope you catched, enjoy
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