Market Analysis provided by A Teen Trader should be used for a education purposed only, trade what you are willing to lose
As we are be able to see, USDJPY has been moving in a bullish manner for the past week on higher time frames. What is seen now is a bullish consolidation period whilst making Higher highs and High Lows on both the hourly time frame and 4h time frame. The most probable outcome that could be seen from the current nature of the movement of UsdJpy, is that we break this current consolidation period on the hourly frame and head upward toward the next resistance zone (Around 114 on the daily and weekly) if that doesn’t happen a break down toward the next major support zones is likely to happen(112.65 based on daily time frame).
How to take proper entries during this upward momentum would be to wait for the top resistance zone to be broke and enter on a retest. OR enter on a rejection from the bottom support zone. IF we do break the bottom support zone, looking for sells on a retest of the zone would be ideal. Your entry should be on what time frame you most prefer, and mostly depends on what kind of trader you are. I am a scalper/intraday trader and Like to enter on 15m, here is what i traded today.
This is the trade i took today on USDJPY, it was a buy. I entered at the Blue circle, Why? That zone we drew on the 1h timeframe, was showing exhaustion, then rejected our zone. What do i do then? Take buys, My Stop loss was the red like below the green zone and my take profit is the blue like in the top zone. Currently still holding these buys and I am about to take profit now as my take profit climbs closer.
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