themdtrader
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USDJPY - Range-bound play?

FX:USDJPY   Đô la Mỹ / Yên Nhật
I have started expanding slowly into the fx market, so we shall see how that works out over time.
This is just a straight-up range bound play I see here. There seems to be an initial move already from the support level .
I am bullish from this point onward unless it's a false move the breaks down below the support level .
Stop at 108.109
Target at 112.654
Đóng lệnh: dừng lỗ: This is a "no go"... at least for now. On to the next one, market has been very interesting recently.
Hi md, Good to have more FX traders on board. Triple bottom suggest a move higher, but do you see possible conflict with a move higher on the DXY. Possible bounce higher on the DXY which may play into the USDjpy?
+1 Phản hồi
@gremic, Thank you, and I'm glad to be here as well! You raise an interesting point, I took a look at DXY and this is what I saw. Looked at the monthly timeframe to get a bigger picture. To me, there is a strong down push to the downside, and DXY has been responding well to liquidity levels too. For a short term bullish correction in DXY, that should favor the short-term long position I brought up on USDJPY. So at the moment, there seems to be no conflict but rather agreement with DXY. But again, lol this is what I think. I could be wrong and the price action could be different when the actual time comes for movement to happen + I didn't consider DXY current behavior when studying USDJPY price action/pattern. Good observation though @gremic! Let me know what you think. Here is the DXY chart I was talking about, see the previous pullback behavior at 92.00 level and liquidity pool at 85.00 level.
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gremic themdtrader
@themdtrader, Such is the nature of this stuff you never know for sure whats going to happen. Its interesting to get different perspectives, thank you for posting.

I posted an idea regarding the DXY, if you wanted to take a look. I used the weekly chart and had a triple top at the 88.50 to 88.00 level which had last weeks WEEKLY candle pulling up pretty much on top of that level.

The CON's i could see where the acceleration to the downside. Trump talking down the dollar. I hold the 7 YEAR upwards trend line on the monthly and weekly at the extreme lows still in play currently as well.
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@gremic, I feel you man, checking out your DXY idea. I typically aim to capture small moves and get back into momentum when bigger move starts to unfold, so we'll see if and how much the external factors influence the direction of the price.
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