will be going for buy at this level. If stop hits, then again go for buy after coming back to retest the trend line or to the marked zone area.
The market has provided a nice impulse move towards the upside and came down for a minimum retracement at a 38.2% of fib retracement on a weekly time frame. Going down to the lower time frame the market has shifted from a 4 hr bearish market to a bullish market. So we took this trade with a good 1:2.5 risk to reward
USD/JPY - Forming cup & handle pattern and also progress 2nd correction wave, once market will complete its 2nd correction we will expect 3 impulse and also its there may breaks cup & breakout.
The daily is turning down against the March highs at 111.68. The 4 hour right side is down against 106.26. While below 105.76 the pair can see weakness lower again.
Om Namah Shivay The possibilities and the watch for the retracement are depicted on the chart at lower level. Om Namah Shivay
USD/JPY started to fall from the 20th February of 2020. Right now, it's trying to reach 102.540 . It has to cross 103.300 - 102.900 to hit 102.540 . After crossing the 102.540, The trend will march to touch 101.200 . But if it starts to rise by breaking the resistance, then it will hit 104.740 - 105.300 .
Usdjpy after a strong impulsive move, forming flag pattern( confirms after trenline break to upside , expecting AB=CD .
Major and Minor trend plotted on the chart..... Finding resistance at descendig trend line,,,, (Red Bold line) Supports plotted in green (dotted lines) Happy trading.... Like ....... Share........... Follow....
The daily is turning up against the 3/09/2020 lows at 101.19. The 4 hour right side is down against 108.15. While below 107.54 the pair can see a swing lower toward 104.28 to correct the cycle up from the 3/09/2020 lows. Long USDJPY @105.35-105.20 Target: 106.00 Sl: 104.80 good luck !
The daily is turning up against the 3/09/2020 lows at 101.19. The 4 hour is turning down against 109.85. While below 108.16 the pair can see a swing lower toward 104.28 to correct the cycle up from the 3/09/2020 lows. LONG USDJPY @107.20-05 TP: 107.70 SL: 106.80 good luck !
The daily is turning up against the 3/09/2020 lows at 101.19. The 4 hour is turning down against 109.86. While below 108.17 the pair can see a swing lower toward 104.28 to correct the cycle up from the 3/09/2020 lows. Short USDJPY @107.35-55 TP: 106.50 SL: 107.88 Good luck