Hello everyone. USDJPY has been up by more than 4% for the past 2 weeks. The formation of big bullish candles took out highs created 3 years ago, and it also indicated that uptrend may continue.
On the monthly chart(I disregard weekly chart for too many wicks), 113.64 to 115.41 marked is a strong bearish zone that may prevent the pair from being further up.
On the daily chart, I also marked a green uptrend line that has been well respected.
So, will the trend continue to take out the monthly bearish structure. Could be. I'm still waiting for nice pull back to around 111.5 for long setup. but if month bearish structure works, it'll help us to make a nice profit of potentially 400bps.
For the bearish setup, I need small candle formation to show weakening momentum, followed by bearish candle structures, e.g. uptrend line violation. failure of 2 tries. No matter what, I will keep my eye on the pair.
What do you think? Give me a like if you're with me.
On the monthly chart(I disregard weekly chart for too many wicks), 113.64 to 115.41 marked is a strong bearish zone that may prevent the pair from being further up.
On the daily chart, I also marked a green uptrend line that has been well respected.
So, will the trend continue to take out the monthly bearish structure. Could be. I'm still waiting for nice pull back to around 111.5 for long setup. but if month bearish structure works, it'll help us to make a nice profit of potentially 400bps.
For the bearish setup, I need small candle formation to show weakening momentum, followed by bearish candle structures, e.g. uptrend line violation. failure of 2 tries. No matter what, I will keep my eye on the pair.
What do you think? Give me a like if you're with me.
plan your trade and trade your plan
