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USDJPY Technical Overview and Midterm Trade Setup

USDJPY Technical Overview and Midterm Trade Setup

Description: BoJ voted 8 to 1 to leave unchanged its pledge to increase the monetary base at an annualized pace of JPY 80 trillion. A minor retracement may be seen between 113.250 – 113.400 region towards 113.000 – 112.800. We have already published the setup for this minor reversal. After this potential minor reversal, the pair is likely to test 113.900 – 114.000 zone.

Long Trade Setup for Midterm Traders: Long @ 113.000 Target 113.900 Stop: 112.500

If the setup works as anticipated, we will look for a major retracement as follows:

Trade Period: Midterm Trading

Pair / Instrument: USDJPY

Time Frame: H4

The trend in the Timeframe: Bullish

The trend in the Daily Chart:  Bullish

Trade Based On: Bearish Cypher Pattern

Accuracy: %93

Recommended Lot Size: 0.05@ 10 K Account with 1:100 Leverage

Trade: Short 

The Area Of The Entry: 113.920 – 114.100 

Stop Loss: Above 114.250

Target 1: 113.600

Target 2: 113.400

Target 3:

What to Pay Attention: 

You can view the setup: USDJPY Bearish Cypher Pattern

 

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

USDJPY Bearish Cypher Pattern:  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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