USDJPY – 2nd With Trend Pin Bar | Sep 24

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USDJPY – With Trend Pin Bar Followed by Bids Stepping in Intra-day
Yesterday in the daily members commentary, we talked about the with trend pin bar on the USDJPY and how we suspected it was a bullish signal giving traders an opportunity to trade with the trend.

As you can see from the daily chart below, that is exactly what happened today, as the price action today initially dipped, but then found buyers intra-day well below the 50% retrace tweak entry (more like the 61.8%) and bounced higher, closing bullish on the day.

As you can see from the daily chart below, I got long on a pullback towards the low of yesterday, just 7 pips off the lows, now up +75.9 pips with no risk and profit locked in.

I’m expecting a return towards the yearly highs, or just before it as offers may come in, thus causing the bulls to take some profit ahead of time. If we see a heavy sell-off from the yearly highs, then expect minimally a pullback towards 108.50 or low 108’s before bulls consider stepping in.

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