USDJPY | Perspective for the new week | follow-up details

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Kommentar:

Despite a positive NFP result on Friday, the US Dollar struggled below the 148 area to close the week with a 0.9% loss. From a technical standpoint and following the selling pressure around the 149/150 zone in the last couple of weeks, I am of the opinion that the USDJPY peak might not be far off as a possible breakdown of the current structure could incite the retracement of the bullish momentum that started in the month of August 2022. So, at this point patience is required as we need to wait for a signal in the form of either a breakout or breakdown of the current structure to determine where the price might move in the new week.

Trade ist aktiv:

In the last 4 hours price has been trading right above the 147 level which has a strong memory for buying power.

Good morning

Trade ist aktiv:

The current structure still supports buying above 147.000 area

Trade ist aktiv:

Patience is required here as selling pressure takes over this market. So, I have identified a selling window should the price climb above 146.650 but if selling pressure continues below 146.650 then we want to be ready to sell.

Trade ist aktiv:

We continue to monitor price action

Good morning

Trade ist aktiv:

The retest of Trendline within the sell window; securing the position.

Lets see if the market will present another opportunity to join the potential trend

Trade ist aktiv:

Securing position

Trade ist aktiv:

Over 200pips running in profit (2 positions) as bearish momentum takes over the market. Price action appears to be evolving into another opportunity to add position at the breakdown/retest of the 145.450 area.

Trade ist aktiv:

Ready to be taken out of existing position as the position is secured. A reversal pattern is evolving and a neckline is identified at around the 145.700 area - counter-trend traders or scalpers could take the breakout/retest while keeping the option of joining a trend continuation to the downside open from the sell window.

Good morning

Trade ist aktiv:

UPDATE

Selling pressure continues here. Breakdown/retest of the demand zone at 145.300 will welcome additional sell position

Trade ist aktiv:

The price is within the sell window now. Waiting for confirmation... Congrats to counter trend traders. Update coming soon

Trade ist aktiv:

We are beginning to see selling pressure within the sell window identified. So, lets see if this reversal structure will mature in the form of a breakdown/retest of the 146 level

Trade ist aktiv:

Price remains within the sell window as multiple rejections of the 146.650 by the sellers continue.

Trade ist aktiv:

UPDATE

Securing position

Trade geschlossen: Ziel wurde erreicht:

Price just hit the TP with 220pips profit. Let see if the market will present another opportunity to add position

Trade ist aktiv:

Following the impulsive bearish move yesterday, we begin to notice a reversal pattern around the 141.000 zone with the neckline identified at 142.450. So, if a breakout/retest of the neckline happens, we might be seeing a counter-trend with retracement intentions.

Good morning

Trade ist aktiv:

UPDATE

Trend continuation pattern identified

Trade ist aktiv:

UPDATE

Securing current sell position

Trade ist aktiv:

Over 180 pips in profit; secure position

Trade ist aktiv:

It has been a profitable week... Congratulations to everyone who took part in this movement!

Happy weekend to you