USDJPY - Can We Continue Higher?

11 Sep 2023

Analysis:
Bullish Confluences

• Strong upwards trend
  
• Simple bullish 1,2,3 move
  
• Retesting an area of significance
  
• 50% fib retracement level touch
  
• In an ascending channel
  
• Upwards trendline touch
  
• Inverse head and shoulders pattern formed
  
• The USD is the 3rd strongest major currency whereas the JPY is the weakest major currency
  
• 1K short position decrease for the USD
  
• 11K short position increase for the JPY
  
• Recent USD news has been bullish
  

Bearish Confluences

• 12K long position increase for the JPY
  

Stay Safe - The JPI Team
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Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.

11 Sep 2023

Trade aktif

Our entry requirements have been met and our order has been filled. Behind this trade is a strong setup to go long, hence why we're bullish. We'll be looking for this trend to continue and for price to continue in this upwards trajectory.

15 Sep 2023

Trading ditutup: target tercapai

Trade Closed
(+1.20R) Made
After Trade Comments:
This was another relatively short move that we caught this week and were able to lock in a decent profit on. Recently the USD has been very bullish and we saw this trend continue into this week, pushing price higher until eventually our take profit was hit. Overall this trade played out just as expected without messing around to much, price essentially went straight to our take profit once we entered. Again there isn't much to say about this trade other then little profits like these can add up very quickly, creating a substantial return. In the forex market you always see people catching huge RR and we do that too, however trading isn't always like this. Nobody is always catching 5:1 and you don't need to either. Smaller profits like 1.5:1 and 2:1 can add up very quickly and if you're someone who prefers to have a high win rate then you need to be looking for small moves like this. There's so many different ways to trade the markets and be profitable. There isn't a holy grail strategy out there, you need to find what works for you! Personally we're fine with having a lower win rate if it means we're able to catch bigger moves because we're okay with losing but if you take losses hard then the way we trade might not suit you and you might prefer a high win rate strategy. The only thing that is the same among all profitable traders is that they stick to their plan and let their edge playout, just as you should too.

Stay Safe - The JPI Team