USDJPY is a great pair to trade because of its volatility, spreads, and tends to react similar to previous action.
-115.35 area seems to be a strong support area and has tested it a few times
---> Tested this area twice on January 5th - 6th before ripping +200 pips with indicators in extremes
---> Recently tested this area twice, January 9th -10th with indicators in extremes
- Indicators had a positive divergence out of extremes following price action for the bounce to the top of the range, as they do here
- The most recent trading action suggests to me that this has potential to retest near the top end of the range
---> USD/JPY made a high in the early morning of the 10th over the previous flush
---> Today this price action retested the lows making a large doji higher than the previous indicating large potetial purchase orders in this area
**One day does not make a market, but today's price action on the hourly chart looks to be a signal for a trend change compared to the hourly price action since mid December
**To me there is good risk/reward here at these levels with a stop under what has been support/resistance even going back a few months.
-115.35 area seems to be a strong support area and has tested it a few times
---> Tested this area twice on January 5th - 6th before ripping +200 pips with indicators in extremes
---> Recently tested this area twice, January 9th -10th with indicators in extremes
- Indicators had a positive divergence out of extremes following price action for the bounce to the top of the range, as they do here
- The most recent trading action suggests to me that this has potential to retest near the top end of the range
---> USD/JPY made a high in the early morning of the 10th over the previous flush
---> Today this price action retested the lows making a large doji higher than the previous indicating large potetial purchase orders in this area
**One day does not make a market, but today's price action on the hourly chart looks to be a signal for a trend change compared to the hourly price action since mid December
**To me there is good risk/reward here at these levels with a stop under what has been support/resistance even going back a few months.
