I'm long USDJPY at around 119 - price is just above 120 now, so I have a small floating profit. I'm in this position for the long haul with a minimum target of 140 before even contemplating taking any profits, so the move is not very significant from my perspective -- doubly so since I've been in the position since Q4 of 2014.
As the chart below shows, though, price is now approaching a key level. First, last week's candle marked another touch of the trendline going back to October of 2012; upon touching that trendline the market immediately shot back up, creating a pin bar candle -- and a potential sign that bulls are in fact defending that trendline. This week's candle is down, but is just above the 50 week moving average -- a level the weekly chart hasn't been able to close below since late 2012, about the same time the aforementioned trendline began.
To me, all this signals an opportunity to add to my existing position. I'll likely be adding more to my position at 119.
As the chart below shows, though, price is now approaching a key level. First, last week's candle marked another touch of the trendline going back to October of 2012; upon touching that trendline the market immediately shot back up, creating a pin bar candle -- and a potential sign that bulls are in fact defending that trendline. This week's candle is down, but is just above the 50 week moving average -- a level the weekly chart hasn't been able to close below since late 2012, about the same time the aforementioned trendline began.
To me, all this signals an opportunity to add to my existing position. I'll likely be adding more to my position at 119.
USDJPY at 50 SMA on Weekly Chart, Close to Trendline Going Back to 2012
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