FX trading strategy "Genius Move" March 17, 2023 (Friday)
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This is Tatsuron.
Here is the USD/JPY trading strategy!
USD 1-hour chart
USD/JPY Trading Strategy
Long Points
① 133.949 JPYNearby breakout
② Break near 135.206–135.459 JPY
③ 130.463–130.890 JPYNearby reversal
Breakout Strategy
① Break around 133.949 JPY should be considered together with the downward trendline breakout. Watch for pullbacks and aim for the 135 area.
② The area around 135.206–135.459 JPY is a previous support zone. If it does not turn into resistance, move upwards. If it breaks 135, reset your plan.
Reversal Strategy
③ 130.463–130.890 JPY remains unchanged; plan for a deeper reversal.
If 132.896–133.211 JPY acts as support turned resistance, that is fairly shallow, so it’s a viable target. It can be a target for pullback selling, so if it breaks, switch positions.
Short Points
① 132.896–133.211 JPY vicinity
② Break near 131.567 JPY
③ Reversal near 135.459–135.895 JPY
Breakout Strategy
① 132.896–133.211 JPY vicinity is a recent resistance/ support turn zone.
If price breaks above here, go long; if it breaks below, go short. Since price action may trigger rapid position switches, you may choose to pass.
② Break near 131.567–131.709 JPY is a one-hour level with the expectation of a continued downtrend, including new lows. We’ll take profits quickly until the low of 127.217 JPY is broken.
Trend continuation and breakdown are a fine line; stay flexible.
Reversal Strategy
③Reversal near 135.459–135.895 JPY should be placed deeper to prepare for rapid movement.
Recently, a reversal is seen around 133.949 JPY with the SMA red line; aiming for a dip below 134 JPY is a valid target.
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