FX today's trade strategy 8/18

〇EURUSD Euro Dollar

・Yesterday's Trade

Yesterday, it traded around the weekly low near 1.0150 with no clear direction.

There was no short-term upward move, so no trading.

・Market Environment and Today's Strategy

Currently forming a bottom near last week's low.

If we regard last Friday's high as the neck of a long-term double bottom, this range-bound trading is likely to continue for another 2–3 weeks around this area.

For a while, I plan to approach with a range strategy, assuming no clear trend.

Think of support around 1.010 and resistance around 1.030.

If it breaks out, I want to follow it straightforwardly.

〇USDJPY Dollar/Yen

・Yesterday's Trade

Yesterday unfolded according to the scenario.

Because I couldn't buy near 134.0, I entered on a breakout of the prior high and held until the weekly high of 135.50.

About +64 pips of profit.

・Market Environment and Today's Strategy

The weekly high of 135.50 is a strong resistance.

It looks like selling pressure will come for now, but based on the daily chart, there may be a move higher.

Today I want to focus on 135.50.

There is a possibility of an upside breakout, so be cautious with counter-trend shorts.

If it stops falling around 135.0 or around 134.50, consider buying on dips.