USD/JPY at Daily Resistance and Back In-Play

in LeoFinance3 years ago

Direct from the desk of Dane Williams.



Hey team,

With so much going on in the crypto and LeoFinance-spheres, I haven't featured a forex market on the blog for a while.

But with global economic conditions continuing to see USD/JPY rip higher on momentum through resistance, today is the perfect day to have another look.

Take a look at the following daily resistance zone that price has now reached, putting the pair in-play:

USD/JPY Daily:
USD/JPY Daily

This pair has a distinct personality that's a little different to the other majors.

A personality that sees it chop back and forwards a bit more than the others.

While this sometimes means you need to keep your discipline when holding a position, it also makes for beautiful sharp turns off daily support/resistance zones.

With price at one such zone now, we're watching for a sharp rejection to the downside on the hourly chart:

USD/JPY Hourly
USD/JPY Hourly

As always, with price capped by higher time frame resistance on the daily, we zoom into an intraday chart such as an hourly to narrow down an entry.

This is done by waiting for retests of short term support turned resistance, putting both timeframes in sync with one another and giving us a higher probability of a sustained move lower.

We'll let this one play out a little more and I'll be back with a trade update later in the week.

Best of probabilities to you,

Dane.



FOREX BROKR | LeoFinance Blog
Daily market analysis.

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I see the 110.000 Price as the immediate daily resistant. more over its a round number.
lets see how the price going, hoping not late to jump into the train

Ah yeah.

Isn't this a perfect example of how subjective drawing support/resistance zones can be :)

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yes and that is the reason i failed most of the times. Need more experience in drawing and selecting the best support and resistent zone.

would you please explain how you select and make the zone? like a big drop to consider when selecting a good resistant or something like that.
because i saw you making the zone when there were two big drop in the history

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Buen analisis!!... Con la formacion de ese doble techo en temporalidad de 1H y proximo a noticias fundamentales, de seguro el precio del par USD/JPY va a tener movimiento.

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If the post is in English, can you just run your replies through Google Translate for us?

Thanks.

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I like to scalping at 5 and 15 minutes frame
But I think it is good opportunity to sell at the daily frame to gain some points.

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I'd love to see you share a few charts of how you see USD/JPY on the 5 and 15 minute charts.

Mind sharing some more details about how you trade?

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I use these indicators
I am trying to get a harmonic signal between more than one indicator, taking into account some of the resistors and candles, as well as the trend

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Yikes, how messy is your chart?

I need to see some screenshots here :)

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Good analysis friend! We must wait a little longer. It is at a turning point in that resistance. If it loses strength, we would have a very nice sale.

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Thanks mate.

I'd love to try and encourage more people sharing charts.

Do you mind posting your USD/JPY view here in the comments?

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You're welcome, buddy. Okay, no problem. Copy and paste my analysis here in the comments?

From my point of view there are two possible scenarios:

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Both scenarios could occur, but in my personal opinion I think the bearish scenario is the most likely one.

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Hello friend, I imagine you took advantage of the price drop. Now it is heading towards the resistance again, let's hope it arrives to see the price action, to see if it falls again forming the W pattern, or breaks the resistance, to enter buy the best the confirmation of the throwback.

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Nice trading, Junior!


Now, I also see that you're on the spaminator list, but your trading posts look fine to me.

What happened for you to get on it and are you in the process of sorting this out?

It would be a shame to lose another forex trader from the LeoFinance community.

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I do not know why I have negative votes, for 3 days I have been receiving their votes in all my publications, I do not know how to solve that, if you have any knowledge to solve this problem I would appreciate it very much.

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I'm not sure what you were doing, bu you're on an anti-spam list.

Here's a link to there Discord where you can discuss your case and hopefully fix whatever the issue was - https://discord.com/invite/RZMq5Sd

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Thanks my friend, I will enter the link sending. It is that I do not even have a message from them where I specify on the subject. Thanks for the link. Well tomorrow I will be active in the market again.

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