USDJPY Trading Plan

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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  • Thanks for the comment, StigmaI. Well done on your trade! 🙂

  • Hi, Jojobijo. Keep at it and don’t give up. Try to identify the reason for your losses so that you can address the problem. Also, it might be a good idea to trade on practise account or in nano lot sizes until you can establish consistency. It often takes a while for traders to become profitable, so don’t be disappointed. Thanks for your comment 🙂

  • Hi, Wolfnud. I am considering a buy around the 86.60 if the market moves back to that level.

  • StigmaI

    Thank you for confirming my Buy at 84.063 on April 4th after the pair broke above the midpoint of the Bollinger Band. As of today April 6th at 6:03 AM DST, the pair is at 85.083, up 100+ Pips! Your insightful analysis is always helpful.

  • Jojobijo

    Thanks for the info. We really need people like you to help us succeed. I have trading for a year now and im still loosing money.


  • Wolfnud

    please speak in english is this a buy or a sell some of us are not as technically minded as you.