USDJPY – Bullish With Corrective Price Action At Highs

My current active open trades: AUDUSD, AUDCAD, AUDNZD, US Copper

 

USDJPY – Bullish With Corrective Structure At Highs, But Potential Weakening (4hr chart)
Gaining almost +700 pips in the last month, the USDJPY has formed a corrective structure just below the key resistance around 115. There is some potential weakening in this structure with a failure to make new highs.

For now ST bulls have some bids/support around 113 and the ST RRL around 111.38. A daily close below here means likely some MT stops tripped.

Clearing the yearly highs has challenges above 115 so am considering a short on a potential false break.

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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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