H4 USD JPY - intraday choppy - avoid till BUY opportunity knocks

9 Kas 2019

USDJPY looks very choppy

Since daily charts have positive bias, I believe that long trades on 4 hours charts/ intraday will be trend following

However, as we can see, there is a bearish divergence that has been witnessed, price moving upwards and RSI moving down.

Divergence may remain for longer periods even post when they are witnessed. At this stage, I would avoid any intraday trades till their is clear signal and would look for buying (long) trades as the chart develops. Short trades will be against the larger trend on daily charts and may have less win probabilities and may either have lesser gains or higher whipsaws

Sharing below my daily chart analysis done on daily timeframes

If you like what you see, please share a thumbs up and a comment in the section below

Cheers

11 Kas 2019

Not

Trade set up stage, look out for current price being in support zone on H4. If price and RSI bounce upwards, one may look for a buy opportunity, else short with first TP at 109.05 and second TP at 108.995

11 Kas 2019

Not

On the upwards side., look for breach of 109.474, establishing the below
Price makes a higher high and higher low, then we can Go Long with the trend if I may say