USD/JPY - Expect Buyers above 156.78
The Primary trend in the Dollar-Yen 4hrs timeframe is still Bullish, we can see a completed Bullish wave structure. If we apply the trending market truth it says the trend will not change easily. Also, a reversal is not a trend change.
What we can see is normal behaviour in a trending market, the price has become too high at the Momentum high (5), the buyers took profit and we saw a strong decline.
The play is to buy if the price trades above 156.78, this is the price point that confirms the last Bullish run.
The Minimum Target is 159.02.
Stop Loss is 156.05
What we can see is normal behaviour in a trending market, the price has become too high at the Momentum high (5), the buyers took profit and we saw a strong decline.
The play is to buy if the price trades above 156.78, this is the price point that confirms the last Bullish run.
The Minimum Target is 159.02.
Stop Loss is 156.05
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.