USDJPY Take off??USDJPY, the double bottom pattern, might indicate a reversal of the previous downward trend. Traders often use the distance between the lowest low of the pattern and the resistance line to estimate a potential price target.
Based on this pattern, and major direction of trend, a projected target of 151 might be feasible. However, it's essential to apply technical analysis and consider other indicators to confirm the pattern and potential price target before making trading decisions.
Usdjpysetup
Boy that was a week!What a week that was! The dance around 150 certainly didn't disappoint. After the break and failure the week prior which continued on Monday, I thought that was it, that price gave it a good shot but ultimately failed, and would perhaps settle below.
To nobodies surprise then when the BoJ held rates at -0.10% that we made almost a straight line move back above the once solid wall. So severe was the buying, I wouldn't have blamed anybody buying dips on Wednesday.
The top was just over 151.700, and despite a small bounce on Thursday lunch, we spent the rest of the week grinding back towards 150. I don't think the Fed decision can really be to blame, it seemed almost certain we'd get a pause, in fact the market mostly agreed in the minutes after the release with a very muted reaction.
Today's jobs numbers was a different story, seeing an 80 pip decline. The past 3 days have almost all but wiped out the BoJ fuelled push giving us a messy looking Daily chart which is no longer respecting the uptrend nor 150 in any meaningful capacity.
Heading into next week i'll be watching to see where price settles. Give everybody the weekend to digest what happened and follow the price action Mon/Tue and let that inform an entry.
Hope you all had a great trading week, and I'll see you in a couple days.
JPY plummeted with bad newsThe Bank of Japan adjusted monetary policy, the Yen suddenly plummeted
According to results from the Bank of Japan's two-day meeting, the bank's Policy Committee allowed 10-year bond yields to exceed 1%, considering this level as an upper threshold instead of a ceiling. hard and remove the commitment to protect this ceiling by buying bonds with unlimited volume.
Short-term interest rates are set at -0.1%, while 10-year bond yields are at around 0% under yield curve control, as is the current policy.
The above decision shows that rising global bond yields and persistently high inflation are making it more difficult for the Bank of Japan to maintain its yield curve control policy.
USDJPY Shorts to 146.800My bias for this pair is very much so bullish due to the fact that price has entered the last (8hr) supply zone of the chart. Not only has it swept so much liquidity, but the initial rejection ended up causing a change of character to the downside on the 4hr time frame. As we can clearly see wyckoff distribution play out, there have been nice POI's left for us to enter sell positions from, like the 15min unmitigated supply at the top or the 17hr supply zone just underneath.
We will wait for the pullback to come back to these areas to re-distribute on the lower time frame in order for us to get the most premium price to sell at which will maximise our risk to reward ratio. Ideally we would also wait for the asian high to get swept first at 150.420 before looking at entries, as there will be no more reversal magnets against our trade. Our sells will then be in a very good position for price to just melt down.
Scenario B is that USDJPY will end up making new highs and break the POI's marked out. This would be expected when the current pull back comes and fails all the supply zones at the top to take out the ATH's (All time highs of the market.) However, even then we will also expect a bearish trend to form once price decides to sweep ATH's as that is also a strong form of liquidity.
My confluences for USDJPY shorts are as follows:
- Price has tapped into the last 8hr supply zone of the market that also caused a change of character on the 4hr.
- Liquidity has also been swept inside the zone from the upthrust distribution and has now left valid POI's
- Once the asian high gets taken there will been reversal magnets against our sell bias.
- Lots of liquidity to the downside to target as take profit targets i.e. Trendlines, equal lows, untouched asian lows and long wicks to fill.
- There is also a 15hr demand zone at the bottom that price needs to eventually mitigate.
P.S. There is also a 3hr supply POI underneath the asian high that it could react off but I would like to see a clear CHOCH and maybe even a break of structure to validate the hold of that supply. As we have identified both feasible scenarios, we can now prepare for the markets price action to play out and make our moves from there. But we must remain adaptive at all costs and know either could occur in this markets forecast.
Daily Wave Rider - USDJPY - BUYUSDJPY
Channel: GREEN
WK Pivot: GREEN
AOB: WP
CON: EngB
BUY Stop: 149.956
Stop Loss: 149.314
TP01: 150.598
TP02: 151.882
DWR present as a buy setup on 25 OCT, with Channel and Pivot are green bouncing off weekly pivot
However, trade is not taken/considered
SPX500: SELL
DXY: UNSURE
OIL: BUY
GOLD: BUY
USD/JPY +70 Pips 0 Drawdown , New Entry Valid To Who Missed It !This Is An Educational + Analytic Content That Will Teach Why And How To Enter A Trade
Make Sure You Watch The Price Action Closely In Each Analysis As This Is A Very Important Part Of Our Method
Disclaimer : This Analysis Can Change At Anytime Without Notice And It Is Only For The Purpose Of Assisting Traders To Make Independent Investments Decisions.
Daily Wave Rider - USDJPY - BUYUSDJPY
Channel: GREEN
WK Pivot: GREEN
AOB: WP
CON: SBB
BUY Stop: 149.882
Stop Loss: 148.795
TP01: 150.969
TP02: 153.143
DWR present as a buy setup on 18 OCT, with Channel and Pivot are green bouncing off weekly pivot
Trade is not taken
SPX500: SELL
DXY: SELL
OIL: SELL
GOLD: BUY
Best Place To Sell USD/JPY After We Have A Good Confirmation 👌This Is An Educational + Analytic Content That Will Teach Why And How To Enter A Trade
Make Sure You Watch The Price Action Closely In Each Analysis As This Is A Very Important Part Of Our Method
Disclaimer : This Analysis Can Change At Anytime Without Notice And It Is Only For The Purpose Of Assisting Traders To Make Independent Investments Decisions.
Daily Wave Rider - USDJPY - BUYUSDJPY
Channel: GREEN
WK Pivot: GREEN
AOB: EMA10
CON: IB
BUY Stop: 149.859
Stop Loss: 149.445
TP01: 150.273
TP02: 151.101
DWR present as a buy setup on 16 OCT, with Channel and Pivot are green bouncing off EMA10
However, trade is not taken/considered as it is Monday which is normally correction day and market is unpredictable
SPX500: SELL
DXY: SELL
OIL: SELL
GOLD: BUY
USDJPY Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USDJPY Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USDJPY Long Term SELLING Trading IdeaHello Traders
In This Chart USDJPY DAILY Forex Forecast By FOREX PLANET
today USDJPY analysis 👆
🟢This Chart includes_ (USDJPY market update)
🟢What is The Next Opportunity on USDJPY Market
🟢how to Enter to the Valid Entry With Assurance Profit
This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
"USDJPY: Watching 148.80 for Reversal"The USDJPY currency pair is currently on an upward trajectory, approaching the key resistance level at 148.80. It's worth noting that in October of the previous year, the price experienced a significant downturn from this same level. Given this historical context, there is a reasonable expectation that a similar price reversal may occur this time as well.
Should the daily candle manage to close above the critical resistance point at 148.80, it could potentially signal a further bullish extension towards the next target at 150.10. However, our strategy entails a bearish outlook. We plan to initiate a sell position at 150.10, with a target set at 145.55. This target aligns with the trend line support, which suggests a potential bearish move in the market, mirroring the historical precedent of price declines from the 148.80 level.
🔥1st Sell Entry - 148.80
🔥2nd Sell Entry - 150.10
👇TP - 145.50
🔴SL - Join Our Channel
USDJPY LONG! EYES ON USD DATA!!Hey Traders,
What we believe UJ price moves as mentioned on the chart,
So we expect price to break just above and go higher,
Therefore, how you can jump in this trend?
Answer is quite clear, in HT we confirm that we are in extremely bullish move, and according to the JPY data we going to have more pressure on JPY currency,
So how we enter! Look I mentioned toppest green area, as soon as we confirm BMS in 1h or 30M, we can place an order in first POI bellow, so I will try to share with you guys as soon as I get the position
So just be careful of data from USD as we have NFP at front, However still I believe, price can move higher and higher
Any question comment me bellow,
@FxShzd
Sell USDJPYObserving the USD/JPY pair, we can notice that the price had been in an uptrend and had gathered liquidity. After the liquidity pool was filled, the price broke through the last order block, following which the most recent high was breached. In my view, this signifies the beginning of a downtrend. I anticipate the price to reach 144.550 .
USDJPY Analysis - Short SetupAnticipating lower prices on UJ.
This is a retracement setup to go for lower prices. When prices gets to my entry area I will see how price forms on the lower timeframes for a better RR. If the formation of price structure lines up with my bias, I will enter.
Always wait for confirmation on lower timeframes.
R2F