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(Video) USDJPY Still a Buy?

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Can the USDJPY rally another 350 pips from today’s price?

What resistance levels could prevent such a move?

Watch the video below to find out what I think.

Be sure to also scroll down for more commentary and an annotated chart.

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So far, the USDJPY is playing out beautifully.

I wrote about the pair when it was hovering just above the 106.80 level on October 7.

That’s where USDJPY broke out from in early September.

I also discussed the pair’s reversal potential in Saturday’s Forex forecast video.

One thing I pointed out in that October 7 commentary was the potential inverse head and shoulders pattern.

It was going to take a daily close above the 108.00/30 area to confirm the reversal pattern.

The USDJPY did just that on Friday.

You can even see where Monday’s session retested former neckline resistance as new support at 108.00.

The 450 pip height of the pattern puts the measured objective around 112.50.

However, buyers still have to deal with 109.00 and 110.60 on the way up.

Both will be critical tests for USDJPY bulls.

But if buyers can clear the 108.45 area on a daily closing basis, I would expect to see them defend the area as new support.

Notice how 108.45 has capped every advance since September 18.

All in all, I have to stay bullish the USDJPY while above former neckline resistance near 108.00.

Stay above that, and we could see the pair trend toward 109.00, 110.60, and perhaps even the measured objective between 112.15 and 112.50.

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USDJPY inverse head & shoulders pattern

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28 comments
Justin Bennett says

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Muhammad says

Thanks Justin,please add also Gold daily analysis.i found your analysis very useful and worthy.awaiting.

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    Justin Bennett says

    You’re welcome. Thanks, but I prefer to focus on what’s moving.

    Reply
      prince says

      thanx foe sharing youe knowledge with us really is very profitable setups

      Justin Bennett

      Reply
        Justin Bennett says

        You’re welcome!

        Reply
Rich says

Hi Justin Bennett, I would say of a truth that your trade ideas analysis especially the videos has really become a guide in my trading Carrier.
Always keep it simple!

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    Justin Bennett says

    Hi Rich, glad to hear you’re finding the videos so helpful. Thanks for the support!

    Reply
Rich says

* I meant career

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ali says

sir justin thanks for the up date.

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    Justin Bennett says

    You’re welcome, Ali.

    Reply
P says

Good one Mr Bennett

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Smart says

Thanks Mr. Justin

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    Justin Bennett says

    You’re welcome.

    Reply
Graeme says

Hello Justin thanks for the commentary on usdjpy. My long entry trigger with a touch of the neckline was activated. Now I need to keep the stop a sufficient distance from price. Thanks again. Graeme

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    Justin Bennett says

    Great entry! Well done.

    Reply
Mohamad Fadli Yusof says

Thanks for the video. It help a lot. A picture mean thousand words. Very easy to understand. The content stay vivid in my head better than read the setup commentary.
Appreciated.
Keep up the good work sifooo

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    Justin Bennett says

    You’re welcome. Just a reminder that members get videos every day, not just the ones you see here.

    Reply
David says

Just i can say you are the MASTER πŸ˜‰

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    Justin Bennett says

    Wow, thanks, David. I still have a lot to learn. Trading would be pretty boring otherwise. πŸ˜‰

    Reply
abdul jabbar says

excellent view

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Gold treasures says

Justin do you analyze Nasdaq, if not is it possible for you to do that??? Your posts are gains for me these days

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Theo Courtriers says

Hi Justin your methodical approach and clear and explanations is fantastic. It it helping me to rein in my horses and to be more professional with my trading. Thanks.

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    Justin Bennett says

    Great to hear that! πŸ™‚

    Reply
Jimmy says

Any idea GBP AUD sir

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    Justin Bennett says

    None at the moment.

    Reply
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