USDJPY – Long Tailed Pin Bar, Loses Key Support | Mar18

Brand New: Our Advanced Traders Mindset Course is out and has filled 300+ seats. Learn to re-wire your brain for successful trading. Click here to learn more.

USDJPY – Long Tailed Pin Bar, Loses Key Support (1hr chart)
After holding key support levels on pullbacks for weeks, the USD got hammered post FOMC and the USDJPY with it, losing 2 handles in a jiffy. The intra-day lows were at 119.28, and from here we saw some strong algo buying forming a long tailed pin bar off the lows.

For now, we have a slightly bearish tune short term with a long term bull trend in place. If the bulls want to maintain this bullish view, they’ll need to hold the daily lows, so weak pullbacks there maybe bought. There is two key resistance levels ahead which were support, coming in at 120.64 and 120.31.

Impulsive selling from here should attack today’s lows and hint the bears want a little more pie. A daily close below 119.28 adds further risk for greater losses.


Read my latest article Discipline = Freedom + Success in Trading

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article