"USDJPY" primed for further bullishness

USDJPY is primed for further bullishness following the Pin bar that formed off the round number support. This setup is significant because price had pulled higher after an inside bar price formation on the 15th of April.


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USDJPY PRICE ACTION: Bears Confirmation, Closing Price Reversal Trade Setup pulls lower

A Bullish Closing Price Reversal noticed on Friday 20th September, complementing an initial one from about the 100.00 Psychological resistance zone on the 11th of September, which has been followed by a 4hr trend confirmation, is expected to push prices lower, possibly into Psychological Support at about 97.00. Though we will keep an eye on 98.00 where 50% of open position would probably be closed.

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USDJPY PRICE ACTION: Yen Remains Bullish.

In our previous commentary on the yen on 6th September, we discussed the bullish breakout on the daily chart of this pair which was preceded by a couple inside bar Trade Setups. Price however faced hesitation and dropped lower following the NFP release of last week but price has again resumed its more dominant bullish trend after yet another inside bar Trade Setup at the close of trading on Monday. The pair remains bullish and could yet attempt to reach its 101.00 Psychological Zone. Only a break below 99.00 would initiate any reasonable sell off.

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USDJPY PRICE ACTION: Price shoots above Psychological Resistance

On August 31, I drew our attention to the Inside Bar Price Action Setup that had occurred on the daily chart of the USDJPY after price seemed to hit a bottom following the Closing Price reversal trade Setup. In my follow up analysis on September 3, I indicated that the trade room had gone long and was expecting price to reach the 100 Psychological resistance. It has now broken that resistance and the Trade Rooms TP. price could now aim to reach the 101 Psychological resistance zone. The trend remains bullish yet.

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USDJPY PRICE ACTION: Closing Price Reversal / Inside Bar Combo, Pulls higher.

I drew attention to the combo Closing Price Reversal and Inside Bar Trade Setup on the USDJPY in my analysis of the pair, August 31. Price has since moved higher and looks set to hit the 100 Psychological level. A break would send prices further long into the 101 region. The Trade Room is long on this pair and our TP would be met at the touch of the 100 region.

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USDJPY PRICE ACTION: Inside Bar Trade Setup.

Friday's session of the USDJPY closed as an inside bar and above its psychological resistance turned support of 98.00. The inside bar trade setup comes just after the Closing Price Reversal, spotted at the close of the US session on Wednesday August 29th. These are strong bullish Price patterns and we should see price aim towards 99-100-101 Psychological levels.

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USDJPY PRICE ACTION: Against Market Open, Closing Price Reversal Price Action Setup, Auust 18, 2013

 

 The Closing Price Reversal on the pair looks good enough to initiate a sell-off on the pair with immediate supports at about the 96.00 level. This setup remains valid until we either hit the expected target or get a break of Friday's high.

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USDJPY Price Action: Ahead Market Open, August 11, 2013. Pin Bar Price Action Setup

 

The 96.00 Horizontal/Support Level Supported some profit taking of the sell-off on the USDJPY. Though trading on friday was thin on the pair, this level looks good enough to atleast force some bullishness into the pair early in the week but since there is no break to support the move, we would ignore the setup and wait to see price reaction at about the 98.00 psychological/horizontal/dynamic resistance region. We would go short at that point pending price action.

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USDJPY PRICE ACTION: Price Breaks Support, More bears to come. August 06, 2013

 

 The USDJPY broke and closed below Support at about 98.20, a key support zone. If price manages to stay below this zone, price will be expected to head even lower into other lower support areas. The next two support zones are indicated in the chart above.

My Recommendation: Sell entries should be sort on the intra-day time frames.

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USDJPY Price Action: Inside Bar Trade Setup. June 23, 2013

An Inside Bar Price Action Trade Setup was Spotted on the USDJPY at the close of Trading on Friday June 21, 2013. This Trade Setup occurs close to Resistance but going by the recent trend on the pair (bullish) Price should aim to reach resistance at about 98.80. 

USDJPY Price Action: Inside Bar Trade Setup. June 17, 2013

 

USDJPY is on a strong bearish run which still looks like continuing. Today's Price Action gave out an Inside Bar Trade Setup. The Trade Room has made a pending sell order just above the inside bar with targets towards support at about 93.00. The Inside bar in a confirmed down trend as we have here is usually a trend continuation pattern.

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USDJPY Price Action: Counter Trend Pin Bar. June 13, 2013

 

 The pair has continued to fall freely from its recent highs, breaking and closing below support at about 96.06. Though price retraced forming a pin bar at the close of trading today, the bearish bias on the pair remains. Short entries on the intraday time frame could be sort at about the new resistance.

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USDJPY Price Action: bullish break loses momentum. May 20, 2013

 

My Trade Commentary on the USDJPY on the 9th of May, dwelt much on the pairs breakout and subsequent expectation of a pullback into support to make long entries pending price Action. Today's close seems to be be inline with that expectation. Price Action Long entries would be sort on rotations back into support at about 99.90.

My Recommendation: Stay neutral and wait out this expectation.

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USDJPY Price Action: Pin Bar Setup leads to break out. May 9, 2013

 

The yen broke above its 3 weeks old resistance after the Pin Bar Price Action Setup from the previous day's trading. The Trade Room managed to bank some profit based on this setup and we will look to rejoin the renewed bullishness pending price action if we get minor rotation back into new support.

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USDJPY Price Action: Pivot Bottom Price Action Setup, pulls higher.

 

An Inside Pin Price Action Setup discussed on May 1, 2013 resulted in a Pivot bottom Price Action Setup which has now pulled higher. Price should aim to target resistance at 99.76. 

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USDJPY Price Action: Inside Pin Bar Price Action Setup. May 1, 2013

 

 At my last commentary of the yen, I pointed out that the pair had approached a key resistance. Price has so far, rotated past immediate support around 97.64, (which now acts as resistance) and could target even lower prices however, the pair is within key support zone and buyers could move in at these prices. The Inside Pin bar Price Action Setup is a further reason to anticipate bulls coming in to push prices higher but The previous support now turned resistance has got to be broken for a any reasonable bullishness on this pair.

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USDJPY Price Action: Closing Price Reversal Setup, pulls off, Hits Resistance. April 20, 2013

 

 It remains to be seen if we will get a break of this resistance zone. The Trade Room did take a handsome 138pips from this setup.

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USDJPY Price Action: Closing Price Reversal Trade Setup, April 18, 2013.

 

Following the Closing Price Reversal Trade Setup found on the pair, after price rotated into Key near term support at 86.59, there seem now, to be a resumption of the more dominant bullish trend. Expectations are for price to approach Resistance at about 99.70.

My Recommendation: Stay bullish

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USDJPY Price Action: Inside Bar Trade Setup, 27/03/2013

 

The inside bar trade setup indicates indecision, but at a support zone, it could be of more interest to buyers. Note that price had dropped from another price action trade setup (the outside bar), therefore, momentum is with the bears.I would be more interested in going short if price were to rotate higher into resistance but if the support at 94.08 manages to get broken, price could target the next support at 91.17

My Recommendation: Wait out this scenario. There will be more clear cut trading opportunities.

USDJPY Price Action: Fakey with Pin Bar Trade Setup 14/03/2013

 

 The Fakey with Pin trade setup has knocked twice on the bullish door of this pair. This price Action Setup could trigger the bulls into some buying frenzy.

My Recommendation: Ill looking to buy this pair still