USDJPY: How to Trade at 106.00 Resistance
What do we have? The price reached the resistance zone formed by SMA20 and SMA50. Also, there is 106.00 resistance level.
If the resistance zone can hold the price, we should be ready to see a reversal. It will give short opportunities in the daily and lower timeframes. The main profit target will be 104.00 support. Stop orders must be placed based on the exact swing highs.
If the price breaks the resistance zone, it will be a bullish signal. It will be possible to open long trades using buy signals from the hourly and minutes timeframes. It will be better to wait for 106.00 retests and open long positions using reversal signals from a new support zone. Stop orders must be placed below the local swing low. The main profit target will be SMA200 in the daily chart.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the resistance zone can hold the price, we should be ready to see a reversal. It will give short opportunities in the daily and lower timeframes. The main profit target will be 104.00 support. Stop orders must be placed based on the exact swing highs.
If the price breaks the resistance zone, it will be a bullish signal. It will be possible to open long trades using buy signals from the hourly and minutes timeframes. It will be better to wait for 106.00 retests and open long positions using reversal signals from a new support zone. Stop orders must be placed below the local swing low. The main profit target will be SMA200 in the daily chart.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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