JPY pairs Weekly Outlook and Trade Setups

Always best to refine them, to have a good RRR and more effective risk management.

USDJPY- Daily Update
Bias: Bearish
Price broke out of the bearish channel yesterday. A retest of the 158.663 price level presents an entry opportunity for sells. SL placement will be quite tricky for this kind of setup, except it is being refined on the Lower timeframe

USDJPY-Trade Setup
Trade Type: Short
TF: 15min
Idea/Approach: Waiting for a break below the 15mins support at 158.38. The break will create a lower low, signalling a shift from the bullish structure to bearish on 15mins.
Next, wait for a correction back to 158.54-158.59 price level and join the sells.
Execution- Pending Order
Entry-158.53
SL-158.74
TP- 158.09

GBPJPY-Daily Update
Bias-Bearish
Price invalidated the bullish channel yesterday and has created a bearish channel today. A break below 215.40 will present sell continuations on the retest and Target profit for the sells will be at 214.61.

GBPJPY- Trade Setup
Bias: Bearish
Type-Short
TF-15/30mins
Idea/Approach: Waiting for price to rebound at 215.40, then correct for a retest of the 215.72 price level for entry, then Target profit level at the 215.00 or below yesterday's Low.
Execution-Pending order
Entry- 215.72
SL-215.93
TP-215.00

Comment: Sells on JPY pairs are usually low probability cause bullish spikes can happen, so I'll only enter on confirmation.

CADJPY- Daily Update
Bias: Bullish
TF: 4hr/1hr/15mins
Technical Outlook: Bullish Ascending Channel

Idea/Approach: Price has been on a consolidation rally to fill up the huge bearish imbalance caused by BOJ intervention on JPY last month because the interest rate was very low.
The fill up is almost complete, and two possibilities can happen. Either, price will continue bullish, or react at the 115.39 proximal weekly supply zone, for strong sells.

CADJPY- I'm expecting price to create a double top at the 115.200 price level, below or at the weekly supply zone, signalling the bears have established their boundaries and price is ready to respect the supply zone and retreat downwards.

CADJPY- Next, after the creation of the Double Top, I'll expect price to invalidate the bullish channel. The full confirmation for the sells will be when price invalidates the support level at 114.40. but with the current buy momentum, I'll stay on buys, even if the double top is created.

GBPJPY - Setup invalidated. Price didn't' give confirmation for entry at the 215.72 price level, but just smashed through the entry zone, without a reaction.
This shows GJ is still very much bullish, and the slow rally is just a trick to lure in early sellers at the supply zone. So, I'll just stay away from sells.

CADJPY- I was in the buys, entry 114.925, SL at 114.37, TP-116.57 but when price retraced on the lower timeframe, I closed out. I had running positions on other JPYs, and it seemed those sells where going to hold, so I had to close out and re-analyze the setups. and my buy setup was valid.
Regretted making decision using the Lower time frame today.

CADJPY- on the 1hr, price has created a 1hr bullish channel, and continues its rally. Expecting a break and retest above 115.20 internal resistance level, if price fails to create a double top at the zone.

GBPJPY- Trade Update
Bias: Bullish
TF: 4hr/1hr/15mins
Technical Outlook: Bullish Ascending Channel

Review: I was bearish on 15mins because price was yet to align with the middle and Higher time bias which was bullish. most times, the fractal structures can be bearish, while overall is Bullish and vice versa, and it's often good to wait for the Lower time frame to align with the higher timeframe before trading it.
With this 4hr bullish channel, I'll stay bullish on GBPJPY, until price invalidates it.
Buy Entry to join the continuation is the support level at 215.83. price just broke above, so will expect the retest, with SL level at 215.00
But this buy is low probability, as price is yet to break above the high at 216.22

USDJPY-Trade Update
Bias: Bearish
TF: 15mins
Review: Unlike other JPYs, UJ often has a mind of its own because of DXY. The 15min setup I shared earlier wasn't comfortable for me to take, because I had other JPY trades running, and I've run out of my daily positions (5 max). This is to keep me disciplined from overtrading and revenge trading which where my early experiences when I started out trading.

But the USDJPY trade setup is playing out as expected. I wish I took this one instead of CADJPY, EURJPY and AUDJPY. but I was able to mitigate my risk and keep it below 0.5% today.

Clean setup

yeah. Paying more attention to this kind of setup, so It'll serve as the day trading strategy using 4hr/1hr/15mins for analysis, confirmation, and execution respectively.
A bearish channel has been formed. increasing the chances of price pushing down to 158.09

USDJPY- Trade Update
Price has broken out of the 15mins bearish channel, invalidating the setup. The lower timeframe now aligns with the higher timeframe on the buys.

USDJPY- Spotted this 1hr reaction level at the 158.34 price level. This reversed the price, and the buys are stronger than the LTF sells.

USDJPY- The reaction Level is clearer on the Line Chart. That would have been a better approach. Entry 158.34
SL-158.09
TP- 159.00

USDJPY-Daily Update

Price formed a New bullish Ascending Channel yesterday on 1hr and has flip a resistance zone to a Support zone. I'm expecting buy continuations today.

USDJPY- Invalidation of the 15mins consolidation pattern and a break above 159.20, and price will expressly rally to the upside.