USDJPY: How to Trade at Support Zone
Güncellendi
The market should be added to a watchlist. We have a strong downward movement. The price reached the support zone, which is important for the market. Why? Look at the past price action in this zone. So, searching for a possible buying opportunity, it makes sense.
As we still don't have a reversal signal in the daily chart and indicators don't provide us bullish signals, it will be better to search for exact buy signals in the lower timeframes. Bullish divergences, double bottoms, breakouts above downtrend lines, all these signals will allow us to open long positions.
The trading idea has a goal to catch a possible pullback from the strong support zone. The market is going to move downward, and our long positions will be against the main trend. Such type of trading is risky but possible. If the price breaks below 104.650 and continues the downward movement, the same setup will be used at 102.00 support zone.
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.
As we still don't have a reversal signal in the daily chart and indicators don't provide us bullish signals, it will be better to search for exact buy signals in the lower timeframes. Bullish divergences, double bottoms, breakouts above downtrend lines, all these signals will allow us to open long positions.
The trading idea has a goal to catch a possible pullback from the strong support zone. The market is going to move downward, and our long positions will be against the main trend. Such type of trading is risky but possible. If the price breaks below 104.650 and continues the downward movement, the same setup will be used at 102.00 support zone.
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.
Not
Not
The daily timeframe gives us a solid reversal candlestick pattern. During the next week, it will be possible to search for new buying opportunities.
Feragatname
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