I strongly believe that there are apparent opportunities on both the bear and bull sides, with more risks on the latter side. We might probably see bulls taking profit towards the NFP report on friday. I am a dollar bull and currently have some long swing trades hoping to see price reach the monthly bull target.

UsdJpy Daily Chart

Price has been range-bound for over six weeks now and recently came off the top of the range. Market action moving averages are totally flat and we might see it move towards the bottom of the range this week.

UsdJpy H4 Chart

Price opened at support at the beginning of the week within the bear area zone. It has failed twice already to break up the key level of resistance at 114.500. With the 21 moving average holding as dynamic support, Dollar bears will be looking for selling opportunities at WM3 should it fail to break through the market action moving averages,

UsdJpy H1 Chart

Having had price fail to continue its series of higher highs and higher lows, we saw price break through the bottom of what was then support at 114.00. With market action moving averages converging and about to cross to signal a bearish sentiment, a lower high at the confluence between DM3 and WM3 is where bears would be looking to sell. That's where I will probably close my long swing trades.

USB10yUsd Daily Chart

We saw price come off the bottom of the range late last week. By virtue of the 10y T-note moving up, we might have the yen strengthen and the greenback weaken this week.

3 thoughts on “UsdJpy weekly Swing Trade”

  1. Maryna says:

    Hi Tsholanang, there are always opportunities for bulls and bears in the market. However, I see you are placing trades with high volumes, so I can only assume you are trading a demo account? You speak about the risk involved in this trade plan, but use big volumes and can you please comment on this for the group. Thank you!

    1. Tsholanang Tsholanang says:

      What if maybe I have $203 251.36 in my account, or a demo as you assume? The holistic point of it is to simply learn and take trades as planned. All the positions I have on this pair were per trade plans I posted. This risk I am talking about is how binary the situation is. It could either go any way, and ofcourse, I would then know when to close my trades. Technically, we should see some bearishness on this pair from now on.

  2. Maryna says:

    Wow, sorry for commenting on your post! I won’t comment on your posts again.

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