USDJPY pair jumped up so much on Friday after NFP result.
Unlike other USD pairs such as EURUSD, AUDUSD, this pair hasn’t shown any pullback yet.
However the price is already hitting MR2 + (Role Reversal) Resistance, I have to assume we will see some pullback from here.
For the next buy zones, our usual strategy of Buying from Fibonacci 38.2-61.8% should be applied.
However, in addition to that, I would like to add some more buy zones as well.
- Buy from Hourly 21EMA
- Buy from DPP
- Buy from WPP
WPP happens to be at Fibonacci 78.6%. So typically we exclude this level.
But this time, since it was such as big move up, let’s consider WPP as well.
One more tip is… please check for Stochastic. On a strong up-trend, typically Stochastic comes down only to 50%. So when it comes down to 50%, please check for the price action on a smaller time frame.
Hope this analysis helps you build your own setup.
YJ Baik – Forex.Today @ Tokyo