USDJPY set up ideas and trades

Until I actually see daily price flow reverse direction, I remain bullish...

USDJPYDaily.png
 
Guys, I do not do much Forex reviews, but the USD cannot stay above 100 forever. Even here with DXY at 105-106 it seems long-winded.

This means most currencies against USD should be heading north. We just need Eurasia to get it's act together. A stop of the Ukraine war would help I would think.
 
Pezza said:
USD/JPY set ups

Looking at trading this pair depending on the run of liquidity, We have equal highs and lows along with a FVG. Personally i would like the buy option to come in to play ready for Friday trading but we have to trade what the market gives us and be able to trade in both directions.
The buy idea is a run to the FVG leaving the equal lows and break to the up side to take out the equal highs first before we continue bearish. But we might get the sell option first and if so then break equal highs touch on the breaker and sell of down to the equal lows and continue structure.
Will be looking for BOS in 5/15 min TF, Keep a close eye on market structure and remember key entry and price action will be needed.
Let me know what you think of this set up.View attachment 291138
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Buyside liquidity rests above prior swing highs
Sellside liquidity rests below prior swing lows
 
kroxobor said:
Are those lines that embrace the price Keltner Channel? Can they work as resistance and support lines in the short-term?
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No, I don't use the Keltner Channel. The two lines engulfing the candlesticks are generated via my own code. Yes, they can work as resistance and support lines if plotted on/transferred to lower time frame charts, as you see here...

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Overnight said:
Guys, I do not do much Forex reviews, but the USD cannot stay above 100 forever. Even here with DXY at 105-106 it seems long-winded.

This means most currencies against USD should be heading north. We just need Eurasia to get it's act together. A stop of the Ukraine war would help I would think.
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Agreed mate
 
Pezza said:
Keep a close eye on market structure and remember key entry and price action will be needed.
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Based on market structure, I expect USDJPY to reverse direction and assume a bearish trajectory sometime this week (August 22-26).
 
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kroxobor said:
Are those lines that embrace the price Keltner Channel? Can they work as resistance and support lines in the short-term?
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Horizontal lines, drawn from supply/demand zones are the only true support and resistance lines.
 
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SunTrader said:
Horizontal lines, drawn from supply/demand zones are the only true support and resistance lines.
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I am NOT going to argue against this point. However, I would add that I used to look for these zones, which I no longer do. Instead, I establish typical price ranges, which I call "statistical support/resistance;" as well as typical "time ranges," which I call "temporal support/resistance."

These "benchmark" measures are obvious, so they do not require me to constantly be "looking left" trying to discern whether I see horizontal support/resistance or not; and yet, they end up automatically highlighting these very same "true" support and resistance lines that I used to seek to draw from supply/demand zones. It's just an easier way for me to do it, and more.

But, since I don't share how I do this, in a way, my point is neither here nor there—it's moot. The typical retail trader might just as well go ahead and stick with horizontal lines (except it's my understanding that the institutional pros also draw diagonal "trend lines" that connect highs with highs and lows with lows which also operate as support/resistance.)
 
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