USDJPY Trading Analysis

@Colibritrader

Dear traders,

It has been a while since my last trading analysis. I wrote about AUDUSD and the possibility of a long trade and it did occur.

Since I wrote about it, AUDUSD has been up for over 120 pips.

The question now is if this pair really has the potential to go even higher.

The daily chart is showing some indecision, but the price has not quite reached the next resistance level yet.

Therefore, I am still neutral. I am definitely not adding more longs at this state and just waiting for price to give me a further positive/negative confirmation.

USDJPY Trading Analysis

Today, I am looking at USDJPY. There is a bullish engulfing/pin bar pattern that formed on the daily chart.

At the same time, there is a resistance level/supply zone that is just above the current price level at 109.00.

I am confronting two potential scenarios here:

  1. Price breaks out from this level
  2. Price goes above 109.00 and then forms a reversal pattern

Both scenarios are very likely and I will be closely monitoring price for a further indication.

Happy Trading,

Colibri Trader 

p.s.

Have you read my recent article on Stochastic

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