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USDJPY chart review 


Sometimes markets are boring. They move nowhere (as opposite to now-here)  and this is one of the most difficult aspects of trader’s job – to wait. When price stalls and charts look the same for days (if not weeks). Wait for the right setup and entry or exit.

Markets are stuck with the US-China talks and ignore everything, including   economic data and even the common sense. And look like today is no exception. For USD  the focus is also on  January FOMC meeting minutes release later today, so expect the trading to be flattish until release and some volatility after that.

USDJPY 4 hour chart

Technically, the picture is still the same. We took some profits recently during last impulse down and price went up again. We will repeat the same trade.  Sell from 111.30-111.70 resistance cluster at the next rally attempt and place tight stop-loss above it. Price will likely to be rejected at this area again. 

Have a nice day !