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Usdjpysell

USDJPY Major Resistance: Short or Long? USDJPY has just rejected a major Weekly/Monthly support-resistance level. You can usually expect price to do one of two things once that happens, no matter the trend direction; retrace or breakout. My bias is and always resides with the trend , so I took advantage of this retracement (temporary move) to the 0.3 fib level to enter a short-term sell , before taking the long term buy at that same level , once the sell tp is hit. This scenario is valid as long as we reject and trade ABOVE the fib level. More conservative entry: wait for break and retest of resistance to take the buy. The TP for the long position will be 114.500, or the last higher high. The next Swing TP is 118.405, and the last TP will be 124.000. You can stay in the buy, from the fib lvl, to TP 1 & 2, so long as price doesn’t demonstrate too much resistance/rejects 114.500 . Simply put the SL for the buy to break-even and trail your profits after each new higher high. Nice tip to increase your r:r. We’re currently in an uptrend so that means buys only , but a sell scenario is possible and valid has long as we trade below the resistance level and demonstrate enough rejection of said level. The fib level might not hold, so if you’re already in the sell, (like demonstrated on the chart), just put your SL to break-even and trail your profits until 111.7000 , which is the next and final TP. You could re-enter again for a sell if price rejects the resistance on the daily and if sellers demonstrate enough strength . if we start trading below 111.7000, we’re entering a longer term (Monthly) downtrend towards 108.000 then 105.000. {edit; it's RSI in overbought, not oversold lol}
Long
by FrenchIvory
USD/JPY Trend AnalysisOn the first day of a new trading week, the pair was faced with new supply, and it has now given up a significant portion of its Friday gains. The riskoff trend in the markets, which tends to boost the safe-haven Japanese yen, fueled the first day of a negative move in the previous three. The fastspreading Delta variation and a global economic recession continue to worry investors. This, combined with the imminent disaster at leveraged developer China Evergrande, dampened risk appetite. Politics has contributed to the uncertainty ahead of Canada's and Germany's federal elections this week. As a result, the market's attention is drawn to the crucial FOMC monetary policy meeting, which begins on Tuesday. Investors will be looking for signals regarding the expected timing of the tapering of bond purchases, which will have a significant impact on near-term USD price dynamics and give the USD/JPY pair a new directional impetus. Meanwhile, in the absence of important market-moving economic reports on Monday, traders will look to broader market risk sentiment and US bond yields for potential short-term trading opportunities.
Short
by meelbijendra