USDJPY: Neutral but volatile, Rgmov implies down
Updated
In my last chart I analyzed the profile chart in the weekly.
In this installment I depict the interesting levels to monitor in the daily chart .
We have a weekly downtrend expiring on Friday, this is bullish for this pair since it implies that it's possible to retest the mode from where the 10 week downtrend launched, at 124.221.
If we manage to move above 120.084, and break the successive hurdles above, we might be in for a very good risk to reward long trade. Personally, I will wait to short the top, since I'm already long GBPJPY, and I don't want to go long here since it would be redundant.
If this week closes above the mode, we could look for the targets above for potential reversal zones, or each of the low volume resistance levels in light blue, or the range expansion resistance zones in gray.
Entry short would demand an ATR stop, 1.5-3 atr in the daily should suffice, or using the highest high as stop and short under the highest low. Both would work well, potentially. Initial target for a short once the rally is done is a retest of the mode below, and if it crosses down, we might get a new 10 week signal from a lower price, which is very bearish , and would materialize next week if we see range expansion down compared to this week's range, or the next week to that if it detaches from the then lower mode, or expands range as well.
I'll keep updating this chart from now on, good luck.
If you want live updates and more information, make sure to follow me at collective2, where I provide signals for auto trading and via email for a monthly fee.
I'm also providing access to a live trading chatroom free of charge for concordbay.com customers, contact me via skype for more details.
Cheers,
Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
In this installment I depict the interesting levels to monitor in the daily chart .
We have a weekly downtrend expiring on Friday, this is bullish for this pair since it implies that it's possible to retest the mode from where the 10 week downtrend launched, at 124.221.
If we manage to move above 120.084, and break the successive hurdles above, we might be in for a very good risk to reward long trade. Personally, I will wait to short the top, since I'm already long GBPJPY, and I don't want to go long here since it would be redundant.
If this week closes above the mode, we could look for the targets above for potential reversal zones, or each of the low volume resistance levels in light blue, or the range expansion resistance zones in gray.
Entry short would demand an ATR stop, 1.5-3 atr in the daily should suffice, or using the highest high as stop and short under the highest low. Both would work well, potentially. Initial target for a short once the rally is done is a retest of the mode below, and if it crosses down, we might get a new 10 week signal from a lower price, which is very bearish , and would materialize next week if we see range expansion down compared to this week's range, or the next week to that if it detaches from the then lower mode, or expands range as well.
I'll keep updating this chart from now on, good luck.
If you want live updates and more information, make sure to follow me at collective2, where I provide signals for auto trading and via email for a monthly fee.
I'm also providing access to a live trading chatroom free of charge for concordbay.com customers, contact me via skype for more details.
Cheers,
Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
Note
We broke up for now. Next resistance is 121.73, we could long here, with a stop at today's open.Trade active
Market buy, targetting 121.7.
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