Trading Setups / Chart in Focus:
USDJPY – Dollar/yen bounces from event area
In our members trade setups newsletter yesterday, we amended our recent USDJPY view to say that we were waiting for a price action buy signal from down near 105.50 key support. Today, we can see that the USDJPY did bounce up from key support near 105.50 following the large sell-off in this market today. Price formed a long-tailed 1 hour time frame pin bar buy signal from this support today that could potentially give rise to higher prices. Note that this level down near 105.50 is a highly confluent area since it is an event area, key support and a 50% retrace level, as seen on the weekly chart below.
Note the key chart level down at 105.50 area…
Today in the members daily trade setups newsletter, we will discuss this dollar/yen signal in more detail, as well as potential signals and key levels on other markets including the EURUSD, GBPUSD, NZDUSD, USDJPY, Crude Oil and more. To learn about becoming a member, click here.