Nice entry Michael! Why your trade is weekly here and monthly in your tips? Is there any reason for that or just you prefer to trade shorter time frame here?
Entry is great. Usd/jpy may not be able to cross 100 but market sentiments r strongly bullish about this pair. We may see some small bearish moves during the week especially at 99.77 resistance.
Should I still enter this trade? The USD/JPY is already at 99.35 but the price is looking like going higher, almost perfect entry. What do you think?
The resistance at 99.77 and 100 are too close so I won’t trade unless I see strong spike breaking those levels. It is really highly probable trade, but there are some risks to the downside. That is way it is better to trade it with some margin of safety entering into the lower levels.
Following the unemployment and NFP data of US that came out to be excellent for the U.S Dollar... the pair moved sharply upwards and closed in the bullish zone, from which it further gained a few points today on Monday... if it breaks 98.8, then it may go down to test its support levels of 98.57 98.35 and 97.94.... as on the upward side, breaking of 99.63 could lead the pair to 99.85 and eventually 100.06 mark...
I am trading exclusively this pair for long time but it was much easier to enter into the trend earlier this year. Now it is much difficult to predict. The market forces are mostly balanced and the trades are very uncertain. The bullish momentum still exists but it is so exhausted that every small news or distraction could lead to selloff behaviour in most of the market participants. All the hedge funds and other big speculators are heavily sold the Yen and if there is a small risk for their positions they could liquidate them in a matter of days even hours.