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Usdjpylongsetup

USDJPY testing another major support, we prepare for a bounceBuy above 110.88. Stop loss at 109.97. Take profit at 112.42. Reason for the trading strategy (technically): Price has dropped further and is now testing another key support level at 110.88 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level for a short term correction to at least 112.42 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (34,5,3) is seeing nice support above 1.2% where we expect a bounce from.
Long
by MEX_Exchange
USDJPY finally bouncing off support, time to start buyingBuy above 111.77. Stop loss at 110.88. Take profit at 114.32. Reason for the trading strategy (technically): Price has finally dropped to our buying level which is major support at 111.77 (Fibonacci retracement, Fibonacci extension, Elliott wave theory, horizontal overlap support) and we expect a bounce above this level for a push up to at least 114.32 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is approaching major support at 1.2% which corresponds with the bounce we’re expecting in price.
Long
by MEX_Exchange
USDJPY approaching major support, prepare to buyBuy above 111.90. Stop loss at 110.88. Take profit at 114.32. Reason for the trading strategy (technically): We remain bullish preparing to buy above major support at 111.90 (Fibonacci retracement, Fibonacci extension, Elliott wave theory, horizontal overlap support) for a push up to at least 114.32 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is approaching major support at 1.2% which corresponds with the bounce we’re expecting in price.
Long
by MEX_Exchange
USDJPY profit target almost reached, prepare to buy above major Buy above 111.90. Stop loss at 110.88. Take profit at 114.32. Reason for the trading strategy (technically): Last week price has continued its drop perfectly towards our profit target. We prepare to buy above major support at 111.90 (Fibonacci retracement, Fibonacci extension, Elliott wave theory, horizontal overlap support) for a push up to at least 114.32 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is approaching major support at 1.2% which corresponds with the bounce we’re expecting in price.
Long
by MEX_Exchange
USDJPY dropping nicely, remain bearish for a further dropSell below 114.32. Stop loss at 115.09. Take profit at 111.77. Reason for the trading strategy (technically) Yesterday price has continued to drop but is starting to see its bearish momentum slowed down, we do see a lot more downside potential in this move though. Our goal is to remain bearish looking to sell on rallies below major resistance at 114.32 (Fibonacci extension, horizontal swing high resistance, bearish divergence) so that we can get into good positions to play the push down to at least 111.77 support (Fibonacci retracement, horizontal overlap support). Stochastic (89,5,3) is seeing major resistance below 95% and has made a bearish triangle exit. We can see that it has good downside potential to play the drop further before reaching any significant support.
Short
by MEX_Exchange
1
USDJPY prepare to sell on major resistanceSell below 114.32. Stop loss at 115.09. Take profit at 111.77. Reason for the trading strategy (technically): Price is approaching major resistance at 114.32 (Fibonacci extension, horizontal swing high resistance) and we expect to see a strong reaction from this level to push price down to at least 111.77 support (Fibonacci retracement, horizontal overlap support). Stochastic (55,5,3) is seeing major resistance below 95% and we expect a drop from this level soon.
Short
by MEX_Exchange
LONG Opportunity for USDJPYSpotted a potential LONG opportunity for USDJPY based on the following reasons: 1. Price crossed the 20 SMA from below and although the long green candle closed just above the 20 SMA, a bit smaller but also a strong green candle closed above the 20 SMA. 2. Price is now approaching to retest the 20 SMA which coincides with the 38.2 Fibonacci level which shows a strong support zone around 110.650 to 110.200 (50.0 Fibonacci level). 3. Since the 38.2 level coincides with the 20 SMA, price would probably stop the retracement at around 110.650 area and continue to shoot up. Will enter this trade with 85-pip stop loss, basing on the size of the green candle which closed above the 20 SMA as this serves as the turning point/confirmation for the upward trend. Initial TP is at 111.800 for 1:2 RRR and this is also the immediate resistance level spotted on the chart. *This analysis is based on my own views and understanding of the Forex market. I am just a newbie in Forex trading. 4 months to be exact. So please practice due diligence and do your own analysis of the market for comparison.*
Long
by CaptainHawk
1