Forex Trade Signals and Setups Mar. 12th

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USDJPY – Forms Inside Bar at Yearly Highs

After taking a couple swipes at the 82.00 barrier, the USDJPY broke through the round number with some vigor as the breakout bar had some good clearing distance from the prior ceiling to close last week.  After Monday’s close, price action has formed and inside bar at the top of the range which we are taking as a trend continuation signal.

Notice how price held in the upper range of the prior breakout bar?  This small inside bar likely represents some small profit taking or a small layer of resistance, but the USJPY has opened today being bought up from the open.   Should price break the prior day’s high around 82.63, we …

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