Potential Long at 106.169 after retrace
Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
USDJPY had been making impulsive moves to the upside but as we see, the daily candles had been getting exhausted. Wait for retracement to D1 structural support at the 38.2% Fibonacci then potentially enter long at 106.169
Entry rule: 4H chart should confirm that the bearish retrace had turned the bullish with MACD above zero and the price goes above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is over the 50 signal line
Potential profit target at 107.441 or the -27.2% Fibo
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
USDJPY had been making impulsive moves to the upside but as we see, the daily candles had been getting exhausted. Wait for retracement to D1 structural support at the 38.2% Fibonacci then potentially enter long at 106.169
Entry rule: 4H chart should confirm that the bearish retrace had turned the bullish with MACD above zero and the price goes above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is over the 50 signal line
Potential profit target at 107.441 or the -27.2% Fibo