USDJPY – Corrective Structure Breaks, Still Short | Jun 20

Verified Profitable Trader

Chris Capre’s live open price action and ichimoku trades: GBPUSD, NZDJPY, USDJPY, USDNOK, CAC40, VIX

New to Forex? Then check out my FREE Learn Forex Trading Course with videos, quizzes and downloadable resources

Are you short JPY pairs at the moment? Watch my latest video Live Trades – How Professional Traders Manage Them

USDJPY – With Trend Corrective Structure Breaks Lower (1hr chart)

Price Action Context

Yesterday in our daily trade ideas, we talked about the bearish trend and corrective structure in the USDJPY and that a break of the structure would likely communicate the next leg in the price action.

usdjpy-live-trade-follow-up-bearish-corrective-structure-2ndskiesforex

This is the exact same trade I’m in which I shared this live trade in my latest video {See Below}.

forex-live-trade-usdjpy-2ndskiesforex

Today the USDJPY broke below the corrective structure, pulled right back to it for a great breakout pullback setup, then continued lower.

Trending Analysis

With an impulsive bearish leg leading into this large corrective structure, which has continued with another impulsive leg down, I’m bearish ST and looking for new possibilities to sell.

Key Support & Resistance Zones

R: 107.87, 108.81

S: 105.87, 104.75

Want to make trades like this? Then check out my price action course where I teach you how to find profitable trade setups just like this, along with getting access to our market commentary, trader quizzes and member webinars.

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

Related Article