USDJPY

[Lewis Nicolson]

Hi guys,

Would like to hear your thoughts on this one?

I was wanting to trade this today but since the market went bullish from the DOR i wasnt able to. However, tomorrow, I’m hoping for the market to come down to test the structure i marked in grey ovals. another reason to enter this trade is the 61.8 fib levels are right on line with this structure. And the market may start coming back down to touch the trend line anyway.

Thanks in advance

Lewis 🙂

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[Simon Dyde]

I see that as an up trend, Lewis, with the price below the MOR and above todays DOR and the buyers in control (just). There’s untested resistance above and the major trendline below so the price will have to break one of these soon. I’d stand aside until it shows its hand.

Regards,

Simon

[Lewis Nicolson]

I agree, I was only going to trade this tomorrow if the market started trading below the DOR (as it will be moving below the MOR anyway).

I see that it is in an uptrend, but i think the market is going to come back down to touch the support and then bounce off to continue back on its uptrend? I think i might try trading it if the entry signals are below the DOR? I wouldnt try and aim all the way to touch the support, i would take profits way before the line.

*edit* also, i think i might wait for it to pass down by the 38.2 fib level, cause i think there will be some fighting in the buying and selling at that level

Cheers Simon! 🙂

[Rich Fitton]

Hi Lewis & Simon,

I see you’re on top of this situation between you 🙂

It’d be a pre-emptive strike to take the short before sellers establish control and that structure around the 61.8% retracement that you have nicely identified would be widely observed. It could be jumpy if the bulls start scaling into positions using that as their backstop.

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