FX Price Action – Pin Bar Pushes USDJPY Higher | Mar. 20th

In this weeks FX Market Commentary, I talked about the USDJPY and how you should look for a pullback into the 94.50 region to get long and rejoin the trend targeting 96 and 96.50.  The pair started the week forming a daily pin bar off the 20ema and dynamic support. This was followed up with a HL (higher low) and 4hr pin bar at the HL which started a 24hr bull run pushing prices towards the 96 target today so hopefully you made some pips off this.

The pair has immediate medium term resistance just ahead at 96.50 which was a double top.  Bears can watch for price action signals here should the pair look weak heading into the level.  Bulls on the other hand can either take a pullback into 94.75 or wait for a breakout pullback setup above 96.50 should it clear the level.

NOTE: I personally traded this pair off both 94.50 and today off 95.00 with the most recent trade from my brokers chart below.

USDJPY Live Trade
live trade usdjpy price action trading with trend chris capre 2ndskiesforex.com mar 20th

USDJPY 4hr Chart Pin Bar
pin bar chris capre 2ndskiesforex.com price action trading mar 20th usdjpy

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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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  • Waqs

    Hi Chris,

    What candle close do you have on the intellichart platform? I have NY close daily candles and my 4hr chart on UJ looks different to yours. I assumed NY close is whats best?


    • Hello Waqs,

      NY Close is not always best – it depends upon the pair and system you are using which is what we talk about in my course that you are welcome to join.

      But just because a chart has the NY daily open does not mean the 4hr candles start at the same time – which is probably why mine differ from yours.

      However, whether you had the pin bar or not, should not determine one getting into this trade as the pin bar is not the cause of the move, but the result of the order flow.

      Food for thought and good luck trading.

      Kind Regards,
      Chris Capre