There is nothing expected today about the JPY. On the USD, there will be a release of the Building Permits data at 13:30 London time, followed by Crude Oil Inventories at 15:30.
The daily outlook for the USD / JPY pair
Risk 0.75%
Trading should be done from 08:00 New York to 17:00 Tokyo time in the next 24 hours only.
Sell trades:
Sell position after the reversal of the price action descending on the H1 time frame immediately at the next contact level 110.52.
Place the stop loss at one point above the local swing height.
Move the stop of losses to achieve a tie when trading trades 20 pips.
50% of the situation was earned when trading achieved a profit of 20 pips and allowed the rest of the situation to work.
Purchase trades:
Buy position after reversing the bullish price movement on the H1 time frame immediately at the next contact level of 110.02
Place the stop loss at a point below the local swing low.
Move the stop of losses to achieve a tie when trading trades 20 pips.
50% of the situation was earned when trading achieved a profit of 20 pips and allowed the rest of the situation to work.
The best way to define a "price action reversal" is to close the hourly candlestick, such as a screw, doji, an outside candle or even a vertical candle when closing higher. You can take advantage of these levels or areas by monitoring price action at these levels.
USD / JPY pair analysis
Yesterday I wrote that I have bullish tendencies, which was helpful, with price breaching above the psychologically important level at 110.00 which might be supportive now. The US dollar is advancing and there is a very weak long term bullish pattern here. The dollar is stronger against the euro. The current price action in recent hours indicates a retreat towards the 110 area. A break below that level will be an indication of further bearish tendencies. If the price holds strongly as support, it should indicate that a strong bullish move is about to occur. I have a cautious upward bias on this
currency pair
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