Trade Idea: Will The USDJPY Rally From Here?
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts“ where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Will The USDJPY Rally From Here?
All charts I provide are of the Daily time frame unless stated otherwise.
USDJPY
Trend: Very Bearish
Key Levels: Broken support 109.04 and current support at 107.75
Price Action Signal: Awaiting for any reversal signs of current support
Chart Notes: As from a recent trade setup I posted of the “USDJPY stalls at a resistance” with a inside candle to sell”.
After catching the sell into the current support for a profit, now might be the time to watch for bullish reversal signs.
With a strong bearish bias that remains intact I will be watching for another sell signal at the broken support and channel top, to act as a new resistance.
Potential Trade Idea:
I am considering selling this pair again if the broken key level of 109.04 now holds as a new resistance.
I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.
There is also a trade idea with trading the bullish retracement if there is a strong bullish reversal of this current support zone.
But the ideal setup will be to wait for a trade in line with the overall bearish trend!
I can’t stress enough here, that patient and discipline is the key to any successful trader.
Want to know how I trade this setup?
Then check out my NFXT Superior Trading Course today.
Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.
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