Good morning! No trader should be complaining about hump day when markets are moving like this.
Open up your Vantage FX MetaTrader 4 charts and take a look at USD/JPY.
The USD/JPY resistance level that we had been trading both sides of has broken out and as you can see from the two charts below, broke out of a flag too:
I say it’s a flag because of the higher time frame bullish trend line that we have on the weekly chart but being so subjective, you can really call it whatever you want.
For me, it’s all about keeping my levels as simple and obvious as possible so I can day-trade them after zooming in intraday.
Speaking of an intraday chart, lets have a look at the breakout:
If you read the Vantage FX News Centre blog then you’d know that if we’re playing from the long side, we’re always looking to buy instraday pullbacks into previous short term resistance turned support.
Look at the way that price spiked down and then kicked up higher off that. The short term horizontal pullback lining up with a retest of the broken trend line was also a nice confluence bonus.
Are you trading USD/JPY? Take advantage of market opportunity on a Vantage FX live MT4 trading account.
Dane Williams – @VantageFX
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Source: Vantage FX Blog