USDJPY has pulled back into the support area at 113.580-113.863. Intraday bias is bullish as we can see that 20 MA and 50 MA are rising on hourly chart. Bullish signal has been confirmed on hourly stochastic. Therefore, I think it should be a good time to go long on USDJPY, with 114.037 as target and 114.319 in extension.

Be careful if the market managed to break the support 113.580 because it will turn the intraday bias to bearish and possibly will push USDJPY down to 113.406-113.124.

Plan: Buy at market (within 113.580-113.863); target at 114.037 or 114.319

USDJPY Chart:

4 thoughts on “Correction on USDJPY, Time to Buy”

  1. Katleho Gnaw Lephallo says:

    hey, may I ask when did you start trading intraday and how long did it take you to start seeing consistency?

    1. Eko Trijuni says:

      Since 2005. It took me 3 years to consistency.

  2. Ryan Gandalf van Jaarsveld says:

    Buying when we are at the monthly target… And more specifically with the previous top at MR2/ WR2… Danger, Danger!!!

    1. Eko Trijuni says:

      Dangerous? Yes, if we don’t place our stop loss. Also, my setup is for intraday trades, and the trend was still up if we look at H1 and H4 charts.

      I didn’t see any danger in this setup. Of course, risk was always there. That’s why I placed the stop loss level just below 113.580 as I wrote. Talking about risk-to-reward ratio, I think this setup is not that dangerous at all, since the target is at 114.037 or 114.319. And it hit my rebound target by the way.

      Maybe we were just look at different time frame, or different point of view.

      Thanks for your comment.

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