USDJPY Trading Analysis




Dear traders,

It has been quite a good week last week for the EURUSD traders. I analysed this pair on the 18th of February and since then it has been in a downfall.

Currently, it is trading around 1.2200 and is close to a minor support area. The major support area is at around 1.2000, which is another 200 pips or so away.

For the time being, I have a small short trade and am not considering closing it. I might close it if I see any worrying price action pattern (as according to my trading strategy) at the levels mentioned above.


USDJPY Trading Analysis

Today, I am monitoring the USDJPY pair, as well. It is showing some signs of a renewed short interest.

There was a bullish rejection at the major “support-turned-into-resistance” area. Today, there is also a bearish engulfing candlestick pattern on the daily chart.

All in all, things bode well for the bears. For how long though is another question.

The minor support level marked at 105.50 is the first stop where price will decide whether to continue falling or bounce back.

I will be looking for affirmative signs of either one of those scenarios. If I see a confirmation and a good setup (as according to my strategy), I might take a position and establish a new trade.

Happy Trading,

Colibri Trader



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