USDJPY pair has shown a steady uptrend since yesterday. Even in Asian hours today (after FOMC event), the price still continues to go north, without showing any “Asian Fade”. Hourly chart shows the price is riding 5 EMA, which is VERY Bull.
If you want to ride the cool train to long this pair, I can suggest the below 3 buy zones.
Buy Zone 1) From 21 EMA on Hourly chart (I extended 21 EMA line on the chart above, for better visibility)
Buy Zone 2) From DPP, Fib38.2-50.0%, Role Reversal Area
You can also scalp on M15 chart as below.
Buy Zone 3) From previous high (124.00)
So far in Asian hours, the trend is too strong, and I cannot find the opportunity to go long yet. I hope the price will drop down to one of those buy zones.
Oops, I just noticed, Buy Zone 1 and Buy Zone 3 are almost identical – 124.00. Well, another reason to respect 124.00 psychological level.