USDJPY: Buying Opportunity in Bullish Market
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Let's look at the 1H timeframe where we have an uptrend in the borders of the ascending price channel. The price reached the support zone formed by SMA100, the main uptrend line, and 107.400 support level. The market corrected the previous upward movement, and now it is ready to continue the uptrend.
The price action at this support zone will be able to give us the perfect buying opportunity. If the price can stay above the support and break the local downtrend line as well as the local swing high, it will be a buy signal. Stop orders must be placed below 107.400 and the local swing low. The main profit target should be the upper line of the price channel. MACD is going to support buyers. If you want to see how this setup will work, please, look at the past. I marked closely the same setup on the chart. That buy signal could give us a good profit!
If the price breaks the support zone, it will be a bearish signal. It will be possible to think about opening short positions with stop orders above the local swing high and SMA100. The main profit target for sellers should be 106.800 support.
Don't forget about the proper money management! Risk per trade must be no more than 1-2% from the trading capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price action at this support zone will be able to give us the perfect buying opportunity. If the price can stay above the support and break the local downtrend line as well as the local swing high, it will be a buy signal. Stop orders must be placed below 107.400 and the local swing low. The main profit target should be the upper line of the price channel. MACD is going to support buyers. If you want to see how this setup will work, please, look at the past. I marked closely the same setup on the chart. That buy signal could give us a good profit!
If the price breaks the support zone, it will be a bearish signal. It will be possible to think about opening short positions with stop orders above the local swing high and SMA100. The main profit target for sellers should be 106.800 support.
Don't forget about the proper money management! Risk per trade must be no more than 1-2% from the trading capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Nota
If it is a false breakout, it will be another buy signal. If the price stays below SMA100 and the uptrend line, it will be the selling opportunity.
Penafian
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