USD/JPY Master Candle Setup on Intraday Chart
|As we could see on Live Trading Session yesterday both EUR/USD and USD/JPY went in profits. The USD/JPY long from 113.36 tested 113.65 providing approximately 30 pips before FOMC tanked the price.The chart shows previous Master Candles and their respective breakouts. At this point we can see that a Master Candle (MC) has been formed on H1 timeframe. The 1st, 2nd and 3rd candle (after the MC candle has been confirmed) haven't made any breakout so we need to wait for a price push that might happen around 13:30 after US Employment Claims. Watch for either 113.65 breakout towards 113.80 and 114.15 or 112.94 breakout towards 112.78 and 112.48. Ideally price should proceed above H4 or below L4 to reach its final targets. The ATR of last 14 days is 96 pips.
USDJPY Current Trading Positions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.