USDJPY | Perspective for the new week | follow-up details

Economic data coming out of the US economy has pointed to slowing economic growth, as the increased sentiment that the Fed may pause its tightening policy lingered across the market. The market sentiment is clearly attaching more recessionary risks to the dollar, but when we look at the charts from a technical standpoint, price action is currently sitting in a strong demand zone at the 131.000 level. An area that has favored buyers for over 10 months now. With nonfarm payrolls out of the way, all attention is now focused on next week's US consumer price index (CPI) for the month of March (amongst other high-impact events). This video explains in detail what to look for on the chart in other to take a position in the coming week(s).

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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Despite the appearance of an engulfing bullish candle breaking the key level at the 132.400 level, we still need some confirmation for trading opportunities.

Good morning

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Just as discussed during our live session today, secure buy positions now

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Secure the buy positions

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Total of 240 pips in profit. Secure all the buy positions

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Price action takes out the buy position with approximately 180 pips in profit as selling pressure resumes. We are going to be monitoring this move to see if it is a retracement or bearish move, update coming up soon.

Good morning

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15-minute outlook

We still waiting for the culmination of the potential retracement phase.

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Secure the buy position

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Two buy positions running in profit, secure all position

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Secure all buy positions

Good morning

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Fall out from our live session,

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Just as discussed during our live session, price action takes out the buy position with approximately 200pips to trigger sell stop order below the 133.500 level.

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UPDATE

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NOTICE

We are waiting for 1H candle to close on all pairs for our next line of action.

PATIENCE!

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Buying pressure resurfaces as it looks like the price is respecting the bullish trendline. If the trendline is not broken to the downside, a breakout/retest of the 133.500 level will welcome buying opportunities. We are on standby

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Ensure position is secured.

Good morning

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Secure sell position

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Secure sell positions as we look forward to more opportunities.

Good morning

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Just as discussed, new structure

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Buyin pressure resumes ahead of the CPI and Retail sales as price action takes out all sell positions.

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UPDATE

The US Dollar is likely going bullish following the negative variance from the CPI and retail sales readings. Updates coming in soon

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Secure all buy positions as more opportunities lie at the breakout/retest of the key levels identified on the chart.

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Secure all buy positions

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Secure all buy positions

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Happy weekend everyone!