Market

EUR/JPY, NZD/CAD and USD/JPY on watch for me today. for OANDA:USDJPY by StewySongs

EUR/JPY:

• If price pushes up to and ideally just above our rayline, then regardless of how it does so I’ll be waiting for a convincing impulse back down followed by a tight flag and then I’ll be looking to get short with a reduced risk entry on the break of the flag.

• If this setup doesn’t present itself then I will simply wait until another setup which meets my plan materialises.

• If there’s any ambiguity then I will not place this trade.

NZD/CAD:

• If price impulses down below our most recent low, it does so in a convincing manner and a subsequent tight flag forms, then I’ll be looking to get short with a reduced risk entry on the break of the flag.

• If this setup doesn’t present itself then I will simply wait until another setup which meets my plan materialises.

• If there’s any ambiguity then I will not place this trade.

USD/JPY:

• If price pushes down, it then pushes back up leaving us with two fairly horizontal bottoms and it continues to push up to and ideally just above our rayline, then I’ll be looking to get short with a risk entry after a phase line break on either the one hour or the fifteen minute chart if the last part of the move is corrective.

• If this setup doesn’t present itself then I will simply wait until another setup which meets my plan materialises.

• If there’s any ambiguity then I will not place this trade.

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