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.
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