USD/JPY - Break of a Middle Level

After going almost down to a strong support area, the price started retracing and formed a new uptrend in the last 2 weeks. When it reached the area between 111.60 and 111.95, the pair stalled a little bit, making a small retracement, before breaking this Middle Level Area with 2 strong bullish candles on the Daily time frame. The Middle Level Area performed well in the past both as support and resistance on the Weekly and Daily time frame, so a break here for me means that the uptrend is strong and is headed to the top Resistance Area at 114.50 to 115.00. My plan for this week will be to look for good spots to Buy the pair. I have defined 3 Buy Zones on the H4 time frame, which will be traded on the M30 time frame. The dotted lines where each zone finishes is a good H4 support/resistance level, which usually stops M30 trends. Below you can find information on the zones:

Buy Zone 1: 112.00 to 112.90
Buy Zone 2: 113.00 to 113.70
Buy Zone 3: 133.80 to 114.45

I will update the idea as the week goes by and I will also post Live Signals on our Twitter page.
Follow up our Blog for a lot of useful information as lessons, information about the company, overviews of our trades and an end of the month overview and transparent results.

I wish everyone a profitable week! :)

הערה:

Yesterday the pair made a nice swing up covering our Buy Zone 1 and going to the middle in Buy Zone 2. It currently slowed down so I am waiting for an opportunity.

עסקה סגורה: היעד הושג:

I am closing trading on this plan, since it already fulfilled on a 100%. I will keep monitoring the pair for either a continuation or a reversal and I will post an idea if I see a possibility.
Good luck! :)