Direct from the desk of Dane Williams.
Just as it looked like USD/JPY was moving lower, price about-turned and settled back at daily resistance once again.
Take a look at the daily zone I'm talking about on the daily chart below.
This is why I'm a proponent of patience in trading.
As retail traders, we're never going to be first anyway, but as you can see here, we really don't need to be.
The markets more often than not give us a number of chances to enter a setup around a key daily support/resistance zone.
This USD/JPY setup is just another example of that.
With price capped by higher time frame resistance, we're looking to trade this pair from the short side.
Now zoom into an intraday chart and look for the first area of short term support to be retested as resistance.
That's your entry signal and a second zone to clearly manage your risk around.
Best of probabilities to you,
FOREX BROKR | Hive Blog
Higher time frame market analysis.
Posted Using LeoFinance