USDJPY Buy Opportunity

May 15, 2018

The price moved above the cloud and now it's going to break 110.00 resistance level. DMI confirms trend market conditions and the strength of the movement. It gives us a buy opportunity and 2 possible entry levels. We can open long trades based on a breakout above 110.00 level. Stop orders can be placed below the previous swing lows or below 108.00 support level which is the better variant. If the market bounces from the resistance level and moves lower, it can give us a new buy signal based on a price reversal from the support zone. This zone is formed by Kijun line, 108.00 support level and the cloud. The entry level should be above the high of a bullish candle confirming the price reversal. Stop orders for such trades must be placed below local swing lows or the cloud. Profit targets for all long trades should be at the resistance levels.

May 17, 2018

Note

The price broke 110.00 resistance level.