Evening Traders,
Today’s Analysis – USDJPY- Trading above Local S/R, back test will confirm the level as support.
Points to consider,
- Price Action Impulse
- Local S/R Support (.382 Fibonacci & VWAP Confluence)
- 200 MA Resistance
- Oscillators Neutral
- Increasing Volume
USDJPY’s immediate price action is impulsive above Local S/R, this allows us to have an immediate bullish bias.
The Local S/R is in confluence with the .382 Fibonacci and VWAP, a bounce here is probable.
The current 200 MA Resistance is holding price down, breaking this will make the immediate target range mid.
Both Oscillators are currently neutral, remaining in their bullish control zones shows immediate strength in the market.
The volume profile is increasing, this needs to sustain for continued follow through in price action.
Overall, in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
In trading, everything works sometimes and nothing works always.”
Today’s Analysis – USDJPY- Trading above Local S/R, back test will confirm the level as support.
Points to consider,
- Price Action Impulse
- Local S/R Support (.382 Fibonacci & VWAP Confluence)
- 200 MA Resistance
- Oscillators Neutral
- Increasing Volume
USDJPY’s immediate price action is impulsive above Local S/R, this allows us to have an immediate bullish bias.
The Local S/R is in confluence with the .382 Fibonacci and VWAP, a bounce here is probable.
The current 200 MA Resistance is holding price down, breaking this will make the immediate target range mid.
Both Oscillators are currently neutral, remaining in their bullish control zones shows immediate strength in the market.
The volume profile is increasing, this needs to sustain for continued follow through in price action.
Overall, in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
In trading, everything works sometimes and nothing works always.”
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.