USDJPY – Approaching Key RRL, ST Price Action Bullish| Jan 26

​My Current Active Open Positions: GBPJPY, EURUSD, AUDUSD, USDJPY, USDRUB, AUDNZD

USDJPY – Bullish But Just Under Key RRL (4hr chart)
Very much like the GBPJPY, the USDJPY price action has been finding the bid all week, up about +200 pips over the last 4 days. However the pair is coming up against a key RRL around 115.24, that had 2 touches as resistance and support since Dec last year.

I’m expecting some profit taking, however a weak corrective pullback from here would suggest bulls are going to make an honest attempt to clear this level and target the 117-118 zone.

Only a daily close below 112.45 would negate my MT bullish bias.

usdjpy key resistance level 2ndskiesforex

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Patrick Gaulin

    Very interesting!

    Just before Christmas, I bought your Advanced Price Action Course. I didn’t finished to listen all your videos. I’m taking the time to studying it, making my homework, experiment your teaching in papertrade, backtesting and small Live account. I already see a big difference in my results and my mindset. And today, I’m particularly happy. I look at your analysis above and I notice that I made almost exactly the same analysis as you on the H4 USDJPY.

    I know I have more work to do to become a master trader, but it makes me feel I’m on the right way. I really love this world. It helps me to be a better person.

    I want to tank you for your excellent material.