Pivotal Week for USDJPY (Week of 7.17)
Updated
This week is showing a retracement off of a key level for USDJPY.
While the M15 - H1 levels are showing a buy, or a short term break of structure. My focus is more so on the H4 and daily levels.
My entry is going to be based on the inverted hammer that seems to be forming on the H4 level of the chart.
In following along with the
US30USD hitting resistance at the 34,600-34,640 area, should that start falling, 
USDJPY should follow suit as added momentum.
The USDJPY follows careful retests of levels. In this trade idea, you should expect that as a leevl is broken, the next immediate S/R (Support Resistance) level will be the next test for a small retracement. I find that the retracement level is about 15% on average before continuing.
***ENTRY***
With that said, Entry for this trade is based off a potential small bounce (current H4) and a break down to 138.75. At that point, once the retracement has been completed, the entry should be clear for about 100 pips to the downside.
***INVALIDATION***
If the 138.75 level is tested with a solid candle body (not just a wick) and the next H4 candle is bullish targeting a retest of the 139.100 level, the trade to the downside is invalidated.
*** Break of Structure (Go Long)
If the level is invalidated, trade entries should be bullish (best entry based on a bounce of bearish retracement on M15). First target of profit is 30-35 pips to 139.350 being the first point of TP, next target after testing that level will be 140.25.
While the M15 - H1 levels are showing a buy, or a short term break of structure. My focus is more so on the H4 and daily levels.
My entry is going to be based on the inverted hammer that seems to be forming on the H4 level of the chart.
In following along with the
US30USD hitting resistance at the 34,600-34,640 area, should that start falling, USDJPY should follow suit as added momentum. The USDJPY follows careful retests of levels. In this trade idea, you should expect that as a leevl is broken, the next immediate S/R (Support Resistance) level will be the next test for a small retracement. I find that the retracement level is about 15% on average before continuing.
***ENTRY***
With that said, Entry for this trade is based off a potential small bounce (current H4) and a break down to 138.75. At that point, once the retracement has been completed, the entry should be clear for about 100 pips to the downside.
***INVALIDATION***
If the 138.75 level is tested with a solid candle body (not just a wick) and the next H4 candle is bullish targeting a retest of the 139.100 level, the trade to the downside is invalidated.
*** Break of Structure (Go Long)
If the level is invalidated, trade entries should be bullish (best entry based on a bounce of bearish retracement on M15). First target of profit is 30-35 pips to 139.350 being the first point of TP, next target after testing that level will be 140.25.
Trade active
The trade had reached Invalidation to the downside (see invalidation description above). Now a long position is open at the following: USDJPY - BUY signal!
Buy - 138.77 - 138.80
TP - 140.32
SL - 138.12
Estimated Time of Trade (ToT): 24-30 hours
Japan Market Entry
Calculate your lot size accordingly!
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