FX.co ★ remington.kihn | USD/JPY

USDJPYWishing everyone an excellent mood! The linear regression channel on the M15 chart is holding in an upward position, so I believe buyers are active. I’m considering buys, but I’ll wait for the market to make a correction. When the price reaches the lower boundary of the channel, the 163.690 level, I’ll look for a place to buy. I don’t want to jump into sells against the market, and there’s no need to do that while the channel is rising. For me, a more correct market entry is from a correction off the lower boundary of the channel. Such an entry helps reduce the loss in case of a wrong entry, which happens to all trading traders. The upper boundary at the 163.891 level will be tested; after the upper part of the channel is worked out, it’s worth thinking about a possible pullback down for a correction. The basis for a correction is the chosen volatility within the channel.

The linear regression channel on the H1 chart has the same direction as on M15, which strengthens the bullish interest. According to both channels, the priority is buying. Conditions for selling have not formed. For that, at the very least, the M15 channel needs to be pointing down; then you could try entering sells. But as you can see in the pictures, both channels are pointing up, giving no chances to the bears. Buyers are pushing the market up, so it’s more correct to join them from the lower boundary of the channel at 163.482, where there is a more favorable entry point for buying. Below this point, sells will start, and buys will get flooded. I’m planning for growth toward the upper part of the channel at 164.313. Once the highs are worked out, the bull will have done its job, after which a decline may occur. I will skip that move. And again, from a pullback I’ll be looking for buys in line with the uptrend.