USD/JPY Level Arrives | Vantage FX

USD/JPY Level Arrives

February 7, 2017

A couple of weeks ago, we were watching this USD/JPY level that was approaching at the time.

Back then, price was flirting with a weaker swing low support level, but the bears were still large and in charge and it was all about the higher time frame zone just below.

USD/JPY Daily:
160207_usdjpy_daily
Click on chart to see a larger view.

The higher time frame zone that price has today lurched down into the midst of.

You could probably draw this level a little differently, using some of the other spikes printed back in February last year, but as we aren’t just blindly buying the level, this subjectivity shouldn’t really matter here.

Now we’re into the higher time frame support zone, we wait to see if it holds and then zoom into an intraday chart such as the hourly.

USD/JPY Hourly:
160207_usdjpy_houlry
Click on chart to see a larger view.

It’s here on the lower time frame chart that we will look for a long entry on any retest of short term levels. Find your levels, trade your levels. It’s always the same.

Open an MT4 forex trading account with leading Australian forex broker, Vantage FX and take advantage of opportunities such as this USD/JPY setup.

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Forex broker Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, forex news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

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