USDJPY Long or Short? – D1 Price Action – Market Commentary

Hello everyone!  I hope you are having a great week!  I am taking a look at the USDJPY on the daily timeframe today.

It is currently in what appears to be continuation.  Price already broke through the W1 and D1 Support.  If price breaks below the next Support, then we should see a continuation of price movement to the downside.

usdjpy market commentary 3-24-2017

Here are my thoughts:

Short entry if we see a break to the downside of 110.497

So, where will price go once we see a break?

Upon a break of the level provided, we may see the following price movement:

Short – 109.191657


Now remember, this is the daily chart we are looking at.  What does this mean?

Each candle is one day in duration

This would be a long term trade

Cheers to success and see you all in the room!

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