USDJPY Inverted Cup and Handle Again? March 20-24 Trading Plan
Updated
USDJPY broke the 50DMA once again and looking bearish in my opinion. The breakdown and downtrend is also supported by the moving averages on the hourly timeframes.Don't have any big positions as I expected it to retest the 114 breakdown level but it didn't happen
4H Timeframe View:
USDJPY tried to break the 200MA but it failed and continued its downtrend breaking the 113 support1H Timeframe View:
Looks like its consolidating after the 113 breakdown but I wouldn't discount a possible pullback to retest the 113 level and it would be a great short level if the downtrend continues.
Preferred Entry: 112.9-113
Stop: 113.3
Profit: 111.6
But there is also a possibility that it would stay on this level until it once again breaks down. If that was the case then we can simply wait for either the 20MA(red line) or the 50MA(yellow line) on the 1H timeframe to reach the price and short it at the level if it doesnt break above it.
If the 111.6 profit target is reached, we can take partial profits or move stops to profit as its possible
USDJPY will bounce on this area as it has done multiple times in the past or finally break that daily supportAny feedbacks are appreciated!
Trade active
Might not get the pullback I wanted as it broke support too earlyShort: 112.539
Stop: 112.65
Profit: 111.6
Note
Got stopped waiting for another entryTrade active
Late UpdateLooks like UJ failed to breakout and retested the 50MA twice. The Bear is strong in this one
Short: 112.591
Stop: 112.7
Profit: 111.6
Note
Took partial profitsTrade closed: target reached
That spike down triggered my TP. Nice!
Currently no positions waiting for direction
Note
Daily Support Broken Lets see if UJ can retake it or not
Note
Looks like its going to retest the daily support but will it turn into resistance?1H Timeframe View:
4H Timeframe View:
A trend is intact till its broken. 1H Yellow Line(50MA) and 4H Red Line(20MA) should provide heavy resistance thus the highlighted area will be an ideal short entry but just incase UJ retakes the resistance and holds above it then we can also long on that area
Trade active
Nothing goes down forever. Took a long scalp for a possible oversold pullbackLong: 112.294
Stop: 111.05
Profit: 112.3
I might close this position early if target isn't reached before US session ends
Trade closed manually
Closed long with small profit. Markets currently too volatile
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