USDJPY Trading Analysis

Colibri Trader Colibri Trader

Yesterday I wrote about Germany 30 (DAX). Today I spotted a bullish formation on the intraday charts, which reaffirmed by bullish stance from the Daily chart.

I did open a long position after a pinbar formed on the 4 hour chart. As you can see from the screenshot below, the mood has continued to be bullish.

I will monitor price action tomorrow and wait to see if the bullish mood is kept throughout the day.

The daily timeframe is looking bullish, too. I started the analysis yesterday by the daily chart. Today, there is a bearish rejection- pinbar that formed.

USDJPY Trading Analysis

Today’s trading analysis is coming from USDJPY. I have not covered this pair in a while. It seems like another bullish formation is on the way.

The daily chart yesterday printed a bearish rejection. Today, the candle the same- a pinbar.

To top it all up, today’s candle is inside yesterday’s candle. This gives me further conviction that tomorrow might be another bullish day.

The intraday price action is showing bullish signs, as well. There is a bullish engulfing pattern on the 4 hour chart. I will be monitoring the price and waiting for a price confirmation that I can act upon.

If I open a long position, my first target would be the level of 133.50. Then, it will really come down to price action again.

Author

Colibri Trader

Colibri Trader, as he is known in the circles, is based in London, UK. He Started his career in one of the leading prop trading houses at the time and then has moved out to form his own company- Colibri Trader Limited.

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