USDJPY-Caution, Watch for long entry. Moderate buy opportunity
Based on current price action, this is a potential long opportunity, however only a moderate signal. To be stronger, more confirmation is needed.
USDJPY has had bullish price action after a potential reversal candle. However, the candle was not at a key spot or strong support and therefore is a weaker signal. Additionally, USDJPY last high failed to truly reach a higher high and has been in an extended indecision state. (See charts below). This is a cautions trade.
I would like USDJPY to provide a better entry point with better R/R &/or provide further supporting price action to justify entry. Completion of a daily bear candle with close near (or less than) 111 voids a long trade.
1M:
Continues in this extreme indecision zone. No side can take control.
1W:
Most recent completed bars are bearish (last 2 weeks). Last high was basically a double top. This bullish action (potential reversal) is not at a substantial support. Gives it less credibility. Overall, the chart is neutral with a slight bearish bias.
1D:
Cautiously bullish.
4H:
1H:
While I am not technically in the trade listed above, I am long USDJPY using 15M chart. My entry & SL can be seen on the 4H and 1H chart. This is a speculative entry point where the SL will be set at my break even if it continues to go in my direction. It will also be closed for minimal loss if it turns against me.
USDJPY has had bullish price action after a potential reversal candle. However, the candle was not at a key spot or strong support and therefore is a weaker signal. Additionally, USDJPY last high failed to truly reach a higher high and has been in an extended indecision state. (See charts below). This is a cautions trade.
I would like USDJPY to provide a better entry point with better R/R &/or provide further supporting price action to justify entry. Completion of a daily bear candle with close near (or less than) 111 voids a long trade.
1M:
1W:
1D:
4H:
1H:
While I am not technically in the trade listed above, I am long USDJPY using 15M chart. My entry & SL can be seen on the 4H and 1H chart. This is a speculative entry point where the SL will be set at my break even if it continues to go in my direction. It will also be closed for minimal loss if it turns against me.
USDJPY is approaching the point that could invalidate a long entry or we could have a good buying opportunity. Waiting for confirmation. If it continues to fall and closes at or below that 111 zone, all bias goes out the window until price action confirmation. If support holds and price is rejected, this could be a good buying opportunity. Short entry would require bear candle completion and break of 110.50 support zone.