The Yen has been a pair that I’ve had on my radar from the start of the year and honestly speaking, well it just hasn’t done too much. That is until now. Recently the Yen has hit 5 month highs against the Dollar, and essentially what that means is that it’s retested the previous structure lows that were set back in early September. This level offers a few opportunities.
First we have a completed bullish advanced bat pattern at 108.15’s Secondly, we have a structure based trading opportunity as the market works its way into a key decision point area.
Seeing how we’ve been “stuck like chuck” in a period of consolidation for the past 10+ months or so, I have zero directional bias on this pair. What I mean by that is, IF the buyers can protect this level THEN I will certainly be looking for a buying opportunity, but only until the next level of danger. I have no reason to believe that price will make it’s way all of the way back across the range. Well, at least not enough reason to but any money at risk shooting for that to happen.
IF the sellers are able to push through this level THEN there will be the opportunity to take advantage of a breakout/ trend following trade to the downside, likely to the 105 mid level. (Very similar to what we’ve been tracking on the GBPUSD)
We ended last week with a BIG HIT on the GBPJPY & started this week with a BIG HIT on the EURUSD! Excited to see if we can keep this momentum going as we start our active trading this week. Good luck out there traders!!!
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