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

Verified Profitable Trader

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

If you want to accelerate your forex trading education, learn rule based systems, get access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Make sure to check out my newest article Avoiding Losses in Trading

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article