Price Action Setup – USDJPY Forming Price Action Squeeze | Apr. 24th

USDJPY – 4hr Chart Price Action Squeeze – More Upside?
Holding up the best of the main JPY pairs, the USDJPY has held closest to the key upside barrier of 100.00 with the smallest pullbacks, suggesting it is the most underpinned of all the JPY pairs. You can see on the 4hr chart below the price action squeeze that is happening with the successive HL’s (higher lows) and recent 20ema carry from today. The upside barrier is clear with the 100.00 level, but I don’t think traders are willing to buy here, so I’ll wait for either a deeper pullback towards 96.50, or a breakout pullback setup above 100 to add longs and rejoin the trend.

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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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  • Bin

    Hi Chris,
    Would you mind sharing with us why you don’t think traders are willing to buy here.

    Thank you for your nice post.

    Bin

    • Hello Bin,

      Do you think traders will want to buy in front of such a strong resistance?

      Kind Regards,
      Chris Capre

      • Bin

        Wow, that is very true. Thank you a lot for inspiring me. So I guess the traders who are not willing to buy here may be retailer traders like us, not institution. If they are institutions, I do not understand why they don’t make last spur after they already made great effort to this last step before breakout.

        Bin

      • Hello Bin,

        I think most won’t want to buy before resistance as they know there are sellers there. Only when there is a clear presence of heavy weakness would they consider it.
        Otherwise, why not wait for a pullback, or confirmation as its a higher % play.

        Kind Regards,
        Chris Capre

  • flashmark

    Hello Chris,
    I hope this breakout happen when then BOJ announce “Monetary Policy Statement”