Looking to buy USDJPY on intraday dips by Reece Marini

USDJPY Daily

UJD

I mentioned a few days back that after this market found support on an important  1:1 (a current correction that is of equal length to a prior correction in this case purple) and 50 fibo buying was likely to continue in the coming days and so far this is what we have seen with the market now 200 odd pips above this level.

USDJPY H1

UJ1

After taking out  the 1:1 (a current correction that is of equal length to a prior correction, in this case light blue) this market is now showing signs that it is likely to continue to head higher.

USDJPY M15

UJ15

I am now looking to buy USDJPY on intraday 1:1 dips starting with the 1:1 (White) at 107.100 and adding to this position if the market is to test the 1:1 (Blue) at 107.000, I will place my stop at 106.900.

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