USDJPY Analysis- Intraday Trading Levels
USDJPY continues to move in a trending pattern after breakout of consolidation range last Friday. The pair gaped open on Monday, and filled in price by a retracement to prior resistance level at 114.83. In a trending pair, prior resistance becomes support. We have seen a bounce at this level with Fib Confluence off of the 0.382. How to trade the pair now? Well buy trades should have been placed at 114.83 by Bull Traders. We are seeing a strong pullback by the bears in the short term. Let’s analyze . Bulls already long should have taken some profit off of their long trade at Take Porfit 1- 115.38. TP2 for bulls is 116.088. Stop losses should be around 114.50. If price continues to fall at this point and forms a head and shoulders, then we can expect a move further down after a retest of the broken area. However caution should be taken at that stage as there will be firm support at 114.42. In summary, once price remains above 114.72, USDJPY is long.
In Other view point Bat Pattern completing right now on USDJPY
Hey traders, here on USDJPY we touched an important daily level at 116.000 and now price is losing some strength. In 15m chart we clearly are in a downtrend and price action is retracing giving us the opportunity to sell the market at a better level. We can enter the market using the Bat pattern above, or we can wait for price to enter the orange zone and then search for entry reasons like engulfing kicker and double tops. It’s up to you and your personal trading style. Stop in patterns should stay above X, target down at 38.2 and 61.8% retracement of the AD leg. You can also shoot for extended targets. If you have any question, don’t be shy and comment below. Otherwise, see you in the next chart!