USDJPY Intraday Setup
Updated
Intraday set up. Seeing that it already broke past 61.8% dominant downtrend (D timeframe). With this recent retracement it did of the Uptrend structure in 4H (timeframe) after forming a double top which it already paid off (retracement). Im looking to close the week with a buy. Looking forward to atleast a re-test to the last high. (113.250 price area). Keep in mind this retracement is still within respecting zones of market structure from the 4h uptrend structure.
-9pm EDT: Close of bullish enlgulfing candle (projecting this is perfect for a uptrend continuation being this a Higher Low)
Leaving a buy limit at 112.450 area, looking for a retest there. (H1 broken resistance, now support)
Could expect new highs for next week but as an intraday trader, I trade on the most recent data, looking for short term take profits. day by bay;) hope you guys enjoyed and obtained something from my analyses,
yours truly, Carlos Arellano Founder of TWA
-9pm EDT: Close of bullish enlgulfing candle (projecting this is perfect for a uptrend continuation being this a Higher Low)
Leaving a buy limit at 112.450 area, looking for a retest there. (H1 broken resistance, now support)
Could expect new highs for next week but as an intraday trader, I trade on the most recent data, looking for short term take profits. day by bay;) hope you guys enjoyed and obtained something from my analyses,
yours truly, Carlos Arellano Founder of TWA
Trade closed: target reached
Target Reached. Things to be aware of fundamentally; Yellen Speaks tomorrow, Friday NFP
Technical: We can see that the price 113.200 is a well respected previous high.
-Uj is demonstrating a ranging zone bettween that previus high and previos HL. With uptrend structure inside this zone
-Keep in mind UJ is currently uptrending (buyers market)
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