WHY SELL USDJPY??? Trading the rising channel

23 Nis 2019

hey guys,

though many traders sell usdjpy following bearish breakout of a narrow trading range
where the pair was trading for more than one week,
I have the opposite view.
looking left we see that we have a lower support 111.7 level.



+ taking into consideration a rising channel,
the market has respected its support line and still trading inside.

SELL USDJPY ONLY AFTER BEARISH BREAKOUT OF A CHANNEL.

for now sentiment is still bullish and the market has space to go higher,
no need to rush and follow talking heads,
be patient and wait for a confirmation!

same logic with buying:
yes looking left we are standing on significant structure resistance.
so let the market break this resistance and then buy!

23 Nis 2019

Not

Trading inside the trading range

24 Nis 2019

Not

Bulls come into play