USDJPY Trading Analysis

@Colibritrader

Dear traders,

I wrote about XAUUSD last time. I was bullish and I still am, but the timing of my entry was not good enough. I also did not realise that there is a minor resistance level at 1520, which led to bearish reversal.

Currently XAUUSD is trading at 1496 and I am still bullish. I got stopped out on my previous trade and I admitted my mistake, which is an extremely important feature in trading.

I am currently looking for the price to come down a bit more to below 1480 and then possibly form a pin bar on the daily chart.

This would give me a good indication of possibly going long if I receive a confirmation from the 4H chart, too.

USDJPY Trading Analysis

Today I am looking at USDJPY. There is a probability that this pair will go higher. There are two possible scenarios that I am seeing.

  1. 4H chart forming a bullish confirmation candlestick pattern leading to an increase in the price.
  2. USDJPY going lower first down to the minor support level as indicated on the screenshot and then printing a bullish candlestick pattern on the daily chart

I am also looking at the bullish engulfing pattern that formed on the daily chart a few trading sessions ago and which confirms my bullish reading.

The first potential target could be the level of 109. If this level is broken, the 112 level is next on the bullish map of new USDJPY heights 🙂

Happy Sunday,

Colibri Trader 

p.s.

Have you checked out my recent article on Multiple Timeframes Analysis?

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