US market is gone. Monday is Memorial day. The official kick off to summer. US traders are in the Hamptons already lol. Have a good weekend. Looking for those same traders to drive price into bargain zones before we pop the highs. Happy trading.
When you feel like you HAVE to trade is when you least should!
USDJPY price action on the daily time frame turned bearish after the rejection of the 127.80/130.60 multi-year horizontal resistance zone (purple). However, presently, price action is in a sideway mode.
I may be wrong. Trade safe and prosper.
Attached Image (click to enlarge)
Do your homework, follow the footprints of smart money
Monthly : Short term (Tenkan-Sen) = Bullish, Mid term (Kijun-Sen) = Bullish, Long term (kumo cloud) = Bullish
Weekly : Bullish. Price bounce on Tenkan-Sen
Daily : Price piercing short tem, Mid term flat/sideways, Long term bullish. Price approaching flat Kijun-sen (mid term resistance)
4H : last week, price making flag pattern then the price breakout from bear trendline/Mid term Kijun-sen. If the market keep uptrend in 4H it will likely reach 131 much faster in daily timeframe
Currency strength on YEN is weaking again. It can be currency that is the most trending in 2022 after drop in Feb,March, and April in first quarter.
If we check Dollar index, in monthly chart it's hitting 23fibo (also weekly Tenkan-sen line) now and also act as strong support
Currently i enter LONG at 127.23, preparing to reenter market when it retrace on 4H. Be careful with NFP news this friday, much better to see the market after the news comes out.
Joined May 2019
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Not happy I got in at 128.60, I slept through the move and was at my girlfriend's place when I entered my position, so couldn't check my charts and obviously got in early. So adding 1 more small position here at 129.25. Should hopefully see this puppy move down soon! Stop still 130.00