USDJPY Technical Analysis March 11/2019
USDJPY BUY/LONG Trade Setup: USDJPY has formed a bullish inverted Head and Shoulders market breakout pattern (purple) and has already broken above the neck line BUY entry so we will expect more possible upside in the following days. A Higher High / Higher Low Sequence has started signalling that the pair can extend higher. USDJPY will now have to respect the blue Moving Average on the 30 minute chart (below) to confirm more bullish momentum higher. Traders will need to watch price respect moving average first followed by a good break above the green BUY breakout trend line. A combination of price respecting the moving average followed by a good break above the green BUY breakout level will signal bullish momentum and can send USDJPY higher and possibly extend above the March 5/2019 high. If looking to BUY USDJPY watch and wait to BUY on the break above the green BUY entry trend line with Stop Loss at the previous Higher Low and watching for price to hit the target levels above as shown in the chart below. As long as the previous higher low holds expect for trend to continue higher. Only time will tell what the pair will do but as for now I remain bullish until otherwise. Trade what you see and squeeze the trigger if and when you see USDJPY start to move higher. Trade safe.
USDCAD 30 Minute Chart 3.11.2019
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
At Elliottwave-Forecast we cover 76 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trialBack