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USDJPY - Daily - Supply and Demand simplified Usdjpy - Daily chart - Bearish reversal scenario explained in a simple way. After price had rallied for a prolonged period, there comes supply that starts taking out the previous demands (higher lows, trend line support buyers etc). This supply (Daily highs) broke the trend line support and broke the previous higher low support. After breaking these supports, price usually comes back upto the supply zone to fill all the unfilled orders then moves lower again.
by abm-trading
$USDJPY - Testing a major support/resistance zoneHi guys! 👋🏻 🔔 The growing number of new Covid-19 infections redound to new public restrictions and State of Emergency declarations in Tokyo, Kyoto, Osaka and Hyogo. There are protest in Japan against the Olympics. Interest rate is still -0.10% 🔔 Japan has the lowest vaccine distribution compared to other countries, thus the rate is 1.6% only compared to the 49.7% in the UK and 41.8% in the US. 🔔 The support of $107.7 is very strong, as you can see on the chart, hence, I believe, we are in the cycle of the uptrend continuation. 🔔 There is a strong resistance at $108.45, to continue upwards, USD/JPY has to close above this level. FOMC statements and key notes will be decisive tomorrow. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
Long
by azizelliott
USDJPY bullish continuation probable above 106.00This pair has been trending up since early January and we may have an upcoming chance to ride a leg or 2 if we see a break above 106. Looking for daily close confirmation and a bullish price action upon re-test of the level. See below a view of the weekly chart and also why I'm bullish biased. We saw a breakout from a long term descending channel after which, it traded approx. 145 pips higher. Right now it's trading against 106.00 and a breakout looks imminent. If a setup materializes, first target would be that 107 handle. DISCLAIMER: This is a personal view and not trading advice.
Long
by thedailychartist
1
USDJPY - Trade Idea!USDJPY - It had an interesting move towards the upside....! What a week right! Crazy in the indices and equity market. Little reminder being a trader it isn't a get rich quick scheme....! Technical aspects: Pattern: Bullish Flag (At key area on Higher time aspect) Support: 104.75, 104.51 , 104.15 Resistance: 104.910, 105.10, 105.20, 105.40 You could trade the pull back towards support areas (50-200EMA) Nice target areas! OR wait for the pull back go into long side towards Fib Retracement area, giving a great risk reward. Swing or Scalp - your decision. (Use your own trade plan for further confluence) Things to keep in mind: - End of Months flow - Rebalancing - Weekly Closes further confirmation The Yen isn't a currency pair I trade often, but I see great potential either direction you take towards this trade. Key tip: You don't need to always need to be part of the trade or even the market if it doesn't make sense or you aren't feeling confident. That doesn't mean you sit back, relax and binge watch Netflix - There's a lot you can do out there sometimes analysing the market - Watching the market behaviour, reading and researching various aspects of the market is game changer. Discipline is key to become a success trader. Have a great weekend. All the best, Trade Journal (Just a trade idea, not a recommendation)
by Trade_Journal