Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
The Jpy pairs have come a long way since the incredible drop that took place weeks ago, following the Japan disaster. The Usdjpy in particular breached significant resistance to close above the pennant range resistance line on the weekly chart at the 86.60 level. In my opinion, there is now real potential for significant follow-through from here. I will be watching for retracements towards the broken resistance at 83.60 for a long entry. 82.80 also represent mid-range support that could also be retested, so I will keep an eye on that level for longs as well. The down-sloping trendline converges with the .50% fibonnacci retracement level, as well as a shelf of past support, marked by a green horizontal line at 86.30 (See chart below). This will be a major target for longs. This is the kind of trade setup that I would like to hold on a longer-term basis, using a 4-hour/daily reversal setup as my cue to exit longs.
Thank you for reading. Happy trading!
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