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USD/JPY Third Chance to Long off Daily Support

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Direct from the desk of Dane Williams.



There's been a lot of chatter here on LeoFinance about the type of content people are creating.

I've been outspoken about wanting to see more outward facing content that is actually about trading.

Each day here I post before and after trades in the forex markets that follow a simple support/resistance trading strategy.

I'm not just posting it for the sake of posting it either - There's money to be made in my daily analysis.

Take it!

USD/JPY Analysis

Another day, another opportunity to make money in the markets.

Do you remember when we last spoke about USD/JPY giving us a second chance to long off daily support?

Well the daily zone from that blog hasn't gone anywhere. Just take a look at the current USD/JPY daily chart below:

USD/JPY Daily:

This is now the third touch of the daily zone, each time offering a 1:3 risk:reward bounce.

While price is above support, there's opportunity to play it from the long side, so once again zoom into an hourly and lets look for an entry.

USD/JPY Hourly:

I've actually left this intraday zone from that very first entry, but if you follow my support and resistance trading strategy, then you'll see that there's an updated entry there for you too.

The only thing I will say here is that you can see a clear descending triangle starting to form on the daily.

Each bounce off support forms a lower high, meaning that the buyers are being absorbed by the sellers.

Eventually they're going to run out and price is going to have nowhere to go but a huge lurch down.

Don't be left holding the bag when this happens.

Best of probabilities to you,

Dane.



FOREX BROKR | LeoFinance Blog Daily market analysis.

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