USDJPY Take Risk on Swing Trade with Small Volume
149 remains a crucial level for near-term price action and then the 150 psychological level. The RSI remains in overbought territory however, pullbacks have proven to be short-lived even if we do see a reasonable move lower on talk of possible intervention – which may be implemented during periods of lower liquidity. For now, the trend remains to the upside as it appears markets are happy to test Japan’s resolve. Support comes in at the prior high of 147.69
The 4-hour chart reveals what appears to be a ‘bull flag’ – a typically bullish formation.
HOWEVER
The longer USD/JPY trends higher, the likelihood of intervention increases meaning risk management becomes ever more important in a trend following strategy at these extreme levels.
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The 4-hour chart reveals what appears to be a ‘bull flag’ – a typically bullish formation.
HOWEVER
The longer USD/JPY trends higher, the likelihood of intervention increases meaning risk management becomes ever more important in a trend following strategy at these extreme levels.
________________________
If this is your first time coming to my idea, thank you very much for taking the time to pay attention to it. My opinions are all subjective and personal. It might be right, or wrong, but there is one thing I can guarantee you will never go wrong - always set the SL for each entry before setting the TP for it.
Don't forget to Follow, and comment your thoughts below, or simply a Boost button if you found it helpful. That encourages me a lot to share my ideas!
There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.
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