Hey team,
I didn't publish a blog yesterday because I had been stalking USD/JPY all weekend and then when we got to Monday the price action was somewhat lacklustre to say the least.
With USD/JPY at daily resistance and back in play, I wanted to see some sort of a sustained move out of the zone but markets rarely behave how you want them too and this was no exception.
Take a look at the latest price action on the USD/JPY 4 hourly chart below.
USD/JPY 4 Hourly:
Remember that the grey is the daily resistance zone which I highlighted in the last blog (linked back to at the top).
With price being below higher time frame resistance, I only want to take trades from the short side.
Why fight the tide if we don't have to, right?
So after price pushed back below the daily zone, I take the last area of short term support that when retested as resistance, acts as a short signal.
This puts both the higher time frame and intraday time frames in sync and gives us the highest probability of price immediately falling without any drawdown on my entry.
My simple forex support and resistance trading strategy has more details on how I trade and what the jargon in my LeoFinance daily market analysis blogs are all about.
Now drop you mongrel!
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.