TODAY THE MARKET’S FOCUS SHIFTS FROM THE LATEST POLITICAL UNCERTAINTY TO THE FOMC’S MEETING MINUTES. TRADERS WILL PAY CLOSE ATTENTION TO THE COMMENTARY FROM THE MEETING MINUTES IN ORDER TO FIND KEY INFORMATION THAT WILL SHED LIGHT ON THE MUCH ANTICIPATED JUNE MEETING. CME FEDWATCH TOOL SHOWS THAT INVESTORS ARE BETTING ON THE FOMC TO RAISE RATES IN THE JUNE MEETING. USDJPY IS NURSING ITS LOSSES AFTER SPIRALING DOWN DUE TO POLITICAL UNCERTAINTY SURROUNDING TRUMP. THE PAIR IS NOW HEADING TOWARDS 112 AFTER REACHING LOWS OF 110. AS A DOLLAR BULL I WILL BE LOOKING FOR OPPORTUNITIES TO LONG THIS PAIR.

USDJPY DAILY

MARKET IS SIDEWAYS. MOVING AVERAGES ARE FLAT BUT ARE ABOUT TO CONVERGE. STOCHASTICS IS HEADING NORTH. ON THIS CHART I WILL WAIT FOR PRICE TO PULL BACK TO SUPPORT SEEING THAT THE INITIAL ENTRIES HAVE OCCURRED ALREADY. MOVING AVERAGES SHOW A SIDEWAYS MARKET BUT PRICE SEEMS TO BE EDGING HIGHER AFTER BOUNCING OFF THE 61.8 FIB WHICH PREDICTS 121,4%/138.2% FIB EXTENSION.

USDJPY H4

MOVING AVERAGES SHOW A BEARISH MARKET, 55 ABOVE THE 21. PRICE IS BULLISH. IMMEDIATE RESISTANCE AT WM3 HOWEVER PRICE IS BEING CONTAINED BY THE 55 MOVING AVERAGE AS DYNAMIC RESISTANCE. STOCHASTICS IS OVERBOUGHT. IF PRICE BREAKS THE 55 AND TOUCHES RESISTANCE AT WM3 I WILL WAIT FOR THE PULLBACK BEFORE GOING LONG.

USDJPY H1

MOVING AVERAGES INDICATE A BULLISH MARKET, 21 ABOVE THE 55. PRICE WAS MOVING SIDEWAYS BETWEEN 111 AND 110 AND IS NOW CONSOLIDATING AFTER BREAKING TO THE UPSIDE OF THE RANGE. STOCHASTICS IS HEADING DOWN. MY PLAN IS TO GO LONG SHOULD PRICE PULL BACK TO ROLE REVERSAL SUPPORT. RESISTANCE IDENTIFIED AT DR1, DM4 AND DR2.

2 thoughts on “USDJPY TRADE PLAN, 24 MAY 2017”

  1. Giveness TSHIMOMO says:

    This is a good plan, so i’m guessing you’re pricing in the rate hike and want to be long the dollar before the time. Just watch out for the 10 Y T Note, its currently at support on the H4 chart. and maybe this gives us Yen strengh, we also have our Indices (S&P 500 and Nikkei) at resistance.

  2. Pedro says:

    THANKS AND THAT’S EXACTLY MY PLAN, I’LL KEEP AN EYE ON THE CHARTS YOU MENTIONED, IF THIS PLAN FAILS ITS MOVEON.COM LOL

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