Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
First of all I want to mention that keep your trades tight and beware of low volatility on the market these days.
Bias is still bullish on USDJPY but for more grasp of price action here on this pair I want to mention two important levels for this pair:
83.40 is the first area to watch for a possible long setup as it is the beneath bond of the symmetrical triangle formation on this pair. I will look for a bounce at this level and will go long with a tight stop below four hour 200sma which is now 83.10 according to the numbers in my platform.
84.50 is the second area which is more important than the first one as it is a great resistant level, highly indicates that break above this level would send the price much higher.
Resistant is resistant until it is broken, so still you can look for possible short positions near 84.50, but wait for a bounce back from that level and go with tight stops and have to note that possible breakout for this symmetrical triangle would be to the upside.
Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.
Latest posts by admin (see all)
- Money Management in Forex: More Than Just Trading - February 17, 2018
- Identifying Trends through Synchronization - February 17, 2018
- Using Multiple Trendlines to Identify Better Trades - February 15, 2018
Winner’s Edge Trading, as seen on: