U.S. Dollar / Japanese Yen discussion
USDJPY Here is my longer term short setup curently would love to hit that 150.900 where the heavy shorts are waiting.
USDJPY Hope everyone is having a great weekend, on a short term play will look for this setup, Note we are still long term short which i will share after this. This strategy is my 3 day rule (algo Day) which i will just follow trend.
USDJPY still will be lower
USDJPY Price Action Overview:Trend: The overall trend appears to be bullish, though there has been significant volatility and periods of pullbacks throughout 2024.
Resistance Levels: The pair faced resistance around the 160.00 mark in July, from which a substantial downtrend followed.
Support Levels: The 142.50 level acted as a strong support zone during the August-September decline.
Current Price: The pair is currently trading around 149.45, rebounding from the previous low of 142.50 in early October.
Technical Indicators:
Recent Pullback: After a significant drop from the 160.00 level in July to 142.50 in August-September, the USD/JPY has been on a recovery trend.
Fibonacci Retracement: The price has retraced to the 149.50 zone, which aligns with the 50% Fibonacci retracement level from the June high to the September low. This could act as a critical level for bulls and bears in the short term.
Momentum: The recent upward momentum looks strong, though the 150.00 mark may act as psychological resistance.
Moving Averages: If the chart were overlaid with moving averages, we might expect the 50-day moving average to be providing some support, while the 100-day or 200-day moving averages might still suggest the pair is in an upward long-term trend.
Future Outlook:
Bullish Scenario: If the pair manages to break through the 150.00 level, we could see a move back toward the 155.00 resistance zone. This area saw consolidation and price rejection during June. A break above 155.00 could see the USD/JPY targeting the previous highs near 160.00.
Bearish Scenario: If the pair fails to break the 150.00 psychological resistance, it may retest the 145.00-147.00 support zone. Breaking below this could bring the 142.50 level back into focus.
Conclusion:
The USD/JPY is currently in a key resistance zone near 149.50-150.00. A breakout above this level could spark further bullish momentum toward the 155.00 region. However, failure to break this level might lead to another downward correction, with 145.00-147.00 acting as key support. Traders should keep an eye on the next few sessions for confirmation of a breakout or a reversal.
USDJPY tired of seeing trash traders on hereUSDJPY do i make a post for you guys? i was thinking of doing a pro vs noob themed post to give everyone the proper mindset and tools to succeed and speed into profitable tradingUSDJPY friday ended on one of the sexiest transitions ive actually ever seen. this whole week was juicy i caught 655 pips at +$412 ish gain for the week!as we go into next week be open minded about both directions but certainly bears might take control if my indicators cross over and my 2h major area is respected cause that would become a macro lower high point. we shall see peeps
USDJPY There’s no signs of this reversing until it FULLY breaks this current support level on the hour.
USDJPY hold on still bearish
USDJPY daily chart looks wild right now just rising wedge but constant rally base rally