I’ve been a little hesitant about looking for short opportunities in the USDJPY and other yen crosses since the BoJ intervention in the last few weeks, this is the reason I’ve only focused on long opportunities when they are in a bullish market condition. And this is exactly what is going on in the USDJPY right now:
It was trading in a short term range, but earlier this morning the USDJPY broke the upper extreme of it, triggering a bullish market condition.
Here is my plan:
As long as the USDJPY keeps trading above 90.28 I will be looking for long trade opportunities. My next LT resistance level is at 92.29
All short opportunities will be ignored.