March 1, 2023 FX Trading Strategy "Today's Move" GoGoJan Edition
Hello there!
This is Tatsuron.
March start.
Which will be the breakout for USD/JPY's range?
Today's USD/JPY trading strategy is here.
USD 1-hour chart
USD/JPY trading strategy
Long points
① Around 136.912 yenBreak
② Around 137.421Near the yen, breakout
③ Around 135.459Near the yen, reversal
Breakout strategy
① 136.912 yen is the expectation for breaking the recent high and the descending trend line.
Be cautious of a sharp drop on a breakout fake above 137.0 yen, so if price breaks below 136.820, exit. If it rises again, there is value in aiming higher through trial & error within this price range.
② If you break through around 137.421 yen, that’s strong. Be mindful of traps, and aim for the recent high around 138.171 yen.
Reversal strategy
③ 135.459 yen is a relatively nearby reversal point from a drop. If it breaks to the upside, it becomes a short, so decide while considering the rising trend line and the 1-hour SMA 200 vicinity.
Short points
① Around 135.459 yen to 135.895 yen, breakout
② Around 134.793 yen to 135.000 yen, breakout
③ Around 136.428 yen to 136.820 yen, reversal
Breakout strategy
① Breakout between 135.459 and 135.895 is a short-term, irregular triple top target. For now, treat around 134 yen as the starting point.
② The range 134.793 to 135.000 is a turning point in the low- to mid-130s. If it reverses here, go long; if it breaks, go short.
Reversal strategy
③ 136.428 to 136.820 is the immediate resistance zone.
Whether this price band will continue to hold as resistance or not. If price moves upward, this is an important point.
Thank you again for reading today.