USDJPY | Perspective for the new week | follow-up details

At 64.9, the Michigan consumer sentiment index for February hits its highest level in eight months as falling energy prices eased fears about inflation. This is a positive signal as it is a widely-known gauge of personal consumer confidence in the US economic activity. From a technical standpoint, the significant breakout of the supply zone at the 131.000 area last week was an emphatic bullish signal buttressing the idea that sellers might have lost the momentum; but following the retest of structure, price action was caught within a consolidation phase above the key level (131.000) to emphasize the level of indecision in this market. In this video, we looked at the possibilities and trading options we have from the current market structure as we look out for breakouts either way in the coming week for trading opportunities.

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So, the bullish momentum we joined last week continues as the week has started on a bullish note hereby breaking out of the new resistance level for the week at the 131.900 level. We shall be using the channel (131.900 and 131.400) and trendline as a guide for trading activiies for this week. For us who have a buy position over the weekend, lets secure the current buy position as we look forward for more opportunities.

Good morning

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Secure buy positions as we look forward to more opportunities

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Secure all buy positions

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A breakdown of the bullish trendline has a high chance of inciting a bearish momentum

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Selling pressure continues below the 132.900 level; breakdown/retest of the trendline and 132.550 level will welcome selling opportunities

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The sell position is triggered as price action breakdowns both the trendline and 132.550 level; secure positions.

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Secure all sell positions as the second position got triggered at the breakdown of 132.250 level

Good morning

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A fresh look at the 1H Time frame reveals the appearance of buying pressure around a level (131.800) that was broken to the upside during yesterday's trading session and this has a tendency of respecting this level in anticipation of another wave of bullish momentum. However, if price action breakdown/retests this level - we will have no choice but to add to our existing sell position. I will share a 15-minute outlook for buying opportunities from this current structure soon.

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Secure the buy position

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Buying the breakout/retest of the 132.300 level

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Secure the current buy position as we look forward to opportunities to add more positions

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Secure all buy positions

Good morning

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We identified a simple set-up for a trend continuation during our live session this morning (watch video on my channel)

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The third position triggered as the price breaks out of the 133.500 level, secure all positions

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UPDATE

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Secure buy positions as selling pressure resume

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Selling pressure continues as we look forward to seeing how price action will react to the 133.500 level for trading opportunities.

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QUICK UPDATE

Buying pressure resumes

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Fourth position triggered as we look forward to more opportunities to buy; secure all positions now. You might want to watch the replay of our live session this morning on my channel.

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Price action takes out the last 2 buy positions with a small profit as we return to the status quo. Please note that a breakdown/retest of the trendline that shares a confluence with the 133.500 level will welcome selling opportunities and the appearance of buying pressure around this level on the lower timeframe will have a high chance of bullish momentum. The expectations around the 133.500 level make this zone a critical juncture in this market. Update coming up soon.

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Two more positions triggered at the breakout of the 133.950 and 134.00 levels; secure all buy positions now

Good morning

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With over 800 pips in profit (multiple entries); this is our most profitable trade for the week as price action hits the TP target at the 135.000 Level. We continue to monitor price action and how the price reacts with the 135.000 zone will determine what our next line of action will be. Discussed this at length during our live session (watch the video replay on my channel)

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