The USDJPY has been a fairly ‘grindy’ market this year with only a few impulsive moves drawing our attention. For the last month, we’ve seen this market going into a tight consolidation structure here on the daily chart, not offering any high quality trades or any high quality environment to trade them in. Last session however, price finally broke the consolidation structure lows and close below the whole consolidation range. This is a fairly aggressive bearish event, especially given the size of the candle. Now us swing traders are waiting for the market to test the old structure, and confirm it is going to hold as new resistance by printing a bearish reversal candle at this hot spot. If this scenario does play out, and we do get a bearish signal – it will be a classic ‘text book’ perfect swing trade, allowing us to enter into a developing bearish move at a good price. Dale Woods Dale Woods The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader. View All Post By Dale Woods Forex News Today: Daily Trading News share Read Next UK MPC sees glass half empty – GBP/USD slides Yohay Elam 7 years The USDJPY has been a fairly 'grindy' market this year with only a few impulsive moves drawing our attention. For the last month, we've seen this market going into a tight consolidation structure here on the daily chart, not offering any high quality trades or any high quality environment to trade them in. Last session however, price finally broke the consolidation structure lows and close below the whole consolidation range. This is a fairly aggressive bearish event, especially given the size of the candle. Now us swing traders are waiting for the market to test the old structure, and confirm… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
