USDJPY set up ideas and trades

pezza55

Member
USDJPY TGIF set up

Looking at this possible set up for London open tomorrow or New York session.
This pair reacted nicely last week and dropped back down after taking the relative equal high, this time i am looking for it to push up and seek the liquidity from the external range above last weeks high in the market open tomorrow and reverse back for a Friday close to the week.

As you can see we have taken the highs of the week and are now towards the high of last month.
From here I would look for a Friday drop before we continue higher in to next week.

Every thing will need to be correct before I enter this trade as time and price will be key during the market sessions watching for a BOS and and an entry on the smaller TF.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
USDJPY TGIF set up.png
 

Farm Yard Forex

Well-known member
Unfortunately, while you marked it out you needed to pay more attention to the relative equal highs (other high off chart to the left). With price still making HL it was likely price would break through this "resistance" before any short opportunity presented itself.
 

sharabela

Active member
USDJPY TGIF set up

Looking at this possible set up for London open tomorrow or New York session.
This pair reacted nicely last week and dropped back down after taking the relative equal high, this time i am looking for it to push up and seek the liquidity from the external range above last weeks high in the market open tomorrow and reverse back for a Friday close to the week.

As you can see we have taken the highs of the week and are now towards the high of last month.
From here I would look for a Friday drop before we continue higher in to next week.

Every thing will need to be correct before I enter this trade as time and price will be key during the market sessions watching for a BOS and and an entry on the smaller TF.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
View attachment 314774
Looks very good to go short from that area. The price had a rejection and made a strong bearish move from that zone. It may end up producing a Double Top here. If that happens, the price may head towards the South as you have suggested here.
 

Farm Yard Forex

Well-known member
USD stamping all over JPY at the moment. Money clearly favouring USD as their safe haven of choice.
 

S Hughes

Newbie
Pairs made a push to match those equal highs. Historically, its been a tough level but USD looking increasingly strong the past few weeks and may continue
 

pezza55

Member
USDJPY Swing idea.

Looking at this possible set up for London open tomorrow.
This pair has currently climbed all the way up over the last few mouths and we have just come up to above where we were at in Dec 2016.

Now just because we have gone this high does not mean we will come all the way back down but I do think we will see a short term retracement over the next few days to correct the current move.

Now currently on the 1 hour we have broken structure to the down side, would be good to see a clear 4 hour break of structure for more confirmation.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
1647550385864.png
 
S

Smith2525

Definitely looking pretty ripe for a short this pair. It's oversold on the weekly too according to RSI
 

pezza55

Member
USDJPY Price Correction.

JPY has been weak across the board with some huge moves across the board on these pairs. But at some point there must be some form of correction.

For this I will be looking for a 4 hour rejection of the run up tomorrow London session. then setting up a sell going in to New York.

As you can see marked out on the daily timeframe I will be targeting 50% of the move up and we can see a red candle in the middle of all the green candles which is out of place and needs mitigating.

This trade idea is only short term as currently market structure is still very bullish and we will see a continuation on the up side so its important to take profit if you get in the trade before the market takes it back again.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
1648151676499.png
 
S

Smith2525

Looks like we are heading to test the top from 2015 here. Definitely looks ripe for a pullback soon though
 

LuckyMac

Active member
I can see it coming down to your 70 level on the fib. Just have to wait for the confluences as its not ideal to try to time the top. I like this idea though for sure :)
 

sharabela

Active member
The pair has been extremely bullish in the daily chart. There is no significant level, which may make it get bearish. Thus, the sellers are to wait for the price to find its resistance and produce at least a Double Top in the daily chart to be able to find some short opportunities. Meanwhile, the Bull is going to dominate in the pair.
 

pezza55

Member
USDJPY Long set up

Right people this is what I am looking at going in to NFP tomorrow.

With the DXY showing a bit of weakness we could see this pair setting up for a sell off but before we do I feel we could beak down below the low to in trap sellers to the market and then look to retrace back up to discount and above an old high before we see real driving selling force for the long move.

So with that in mind I am looking to find a key entry and short term intraday set up to catch the moves.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
1648755251887.png
 

donald55

Junior member
On 1 H fib levels there’s a strong support level near to 123.30 which is my first TP. I have shorted 10 lots so far. Let's see how trade goes.
 

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