WHY SELL USDJPY??? Trading the rising channel
Updated
hey guys,
though many traders sell usdjpy following bearish breakout of a narrow trading range
where the pair was trading for more than one week,
I have the opposite view.
looking left we see that we have a lower support 111.7 level.
+ taking into consideration a rising channel,
the market has respected its support line and still trading inside.
SELL USDJPY ONLY AFTER BEARISH BREAKOUT OF A CHANNEL.
for now sentiment is still bullish and the market has space to go higher,
no need to rush and follow talking heads,
be patient and wait for a confirmation!
same logic with buying:
yes looking left we are standing on significant structure resistance.
so let the market break this resistance and then buy!
Note
Trading inside the trading rangeNote
Bulls come into play
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