Posts

The USD/JPY Daily Support Zone That Keeps on Giving

avatar of @forexbrokr
25
@forexbrokr
·
·
0 views
·
1 min read

Direct from the desk of Dane Williams.


With USD/JPY still holding daily support, the price action keeps giving us opportunity to day trade from the long side.

If you've been following the USD/JPY narrative on this blog then you'll have it on your chart, but if not you can clearly see the zone I'm talking about on the daily chart below.

USD/JPY Daily:

So long as price is above that daily support zone, we're looking to only trade from the long side. Trading USD/JPY from the long side is something we'e already been doing, so now price has pulled back to higher time frame support, we do the same thing once again.

That means zooming into an intraday chart in order to optimise our entries. As we're above higher time frame support, an optimal entry here would be to wait for a short term resistance zone to form on the hourly and then use it to manage our risk around when it's retested as support.

Yep, just like we've got here on the USD/JPY hourly below.

USD/JPY Hourly:

Price has held higher time frame support at 1, formed short term resistance at 2, that was retested as support for an entry at 3. From there, price gave us a clear low risk, high reward 1:3 within 2 days.

Best of probabilities to you,

Dane.


FOREX BROKR | Hive Blog Higher time frame market analysis.

Posted Using LeoFinance