USDJPY Trading Analysis

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.

USDJPY

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.

This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.