USD/JPY trader's opinion

[Fin_Trader]

I want to try keeping my own journal to find a trading strategy for the USD/JPY trading pair.
Goals:
1) to identify errors - both in the trading system and in inaccuracies in following the trading system;
2) develop ways to avoid the same mistakes in the future.
I often trade the EUR/USD pair, but I also prefer GBP/USD, USD/JPY, USD/CHF. My broker is FXOpen

 

[Fin_Trader]

The USDJPY pair on the H4 timeframe demonstrates a downward trend. However, on the H1 TF, the price is trying to form a technical analysis figure "Inverted head and shoulders". If this figure is triggered, we can expect a corrective upward movement with a target of the resistance level of 151.00.

 

[Fin_Trader]

The USDJPY pair continues its downward trend. During its bearish movement, the price approached the support level of 147.26. In case of its breakdown downwards and the price consolidation below this level, the next target may be the support level of 144.87.

 

[VasilTodorov]

The USDJPY pair on the H4 timeframe demonstrates a downward trend. However, on the H1 TF, the price is trying to form a technical analysis figure "Inverted head and shoulders". If this figure is triggered, we can expect a corrective upward movement with a target of the resistance level of 151.00.
View attachment 17347

for this reason, I personally never expect any buy on this chart!

 

[Fin_Trader]

VasilTodorov​

I was talking about corrective upward movement. But the figure did not work, we returned to the downward movement. When analyzing the H1 timeframe for the USDJPY pair, we see another test of the resistance level of 148.15 and another price rebound from it downwards. The target for further downward movement may be the support level of 146.74.

 

[Fin_Trader]

When analyzing the H1 timeframe for the USDJPY pair, it is clear that the price, after a downward rebound from the resistance level of 149.148, broke down the ascending local trend line on this timeframe, but corrected to the opposite side of this broken sloping line. In the case of a retest and a downward rebound from this line, the target for a downward movement may be the support level of 146.743. In the case of an upward breakout of this line and consolidation above it, the target for an upward movement may be the resistance level of 149.148.