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.

 

[Fin_Trader]

When considering the situation on the H1 timeframe for the USDJPY pair, it is clear that the resistance level of 149.01 turned out to be quite strong and has not yet allowed the price to go higher. After a rebound down from this resistance level, the first target for a downward movement may be the support level of 148.11.

 

[Fin_Trader]

When analyzing the situation on the USDJPY pair on the H1 timeframe, it is clear that the price, during its downward movement, broke down the local ascending trend line on this timeframe. However, the support level of 148.25 held back further downward movement. After the price rebounds from this level upward, the first target for a bullish movement is the resistance level of 149.10 and a retest of the previously broken line of the ascending local trend. The reaction to these levels will show what trend will be observed in the future with the price of this pair.

 

[Fin_Trader]

The USDJPY pair price continues to move in an upward direction. At the same time, during a downward rollback, there was a false breakout of the support level of 149.91, after which the price went back above it. I consider the resistance level of 150.94 to be the nearest target for further upward movement.

 

[Fin_Trader]

The local trend on H1 for the USDJPY pair is still ascending. However, when analyzing the situation on this timeframe, the price during its upward movement made a false breakout of the resistance level of 150.94 and went back below it. The target for such a downward rollback may be the support level of 150.04.