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USDJPY 144.000 is the key level today
USDJPY 144.000 is the key level today.
One of the keys to technical analysis, and trading, is to be aware of general patterns; knowing what the market wants to accept and wants to reject.
Acceptance and rejection levels imply emotional bias although some would say human traders make up a really tiny portion of total daily trading volume – most trades are machine trades executed by computers and algorithms. Regardless, I’m always evaluating charts to develop “a feel“ of acceptance and rejection.
Once you’re able to understand the upper and lower limits, price limits, for a particular asset, then you would have some sense of direction. Now, if you have been trading for months or years, you know that doesn’t really mean anything as price changes direction every time! That is actually only true if we’re isolating a particular timeframe which we’re not going into in this article.
Circling back to USDJPY, it doesn’t take much in terms of analysis – almost everyone who takes a look of this M15 chart would agree – that the key level for this asset is the 144.000 price level. If price action today shows buyers able to defend it, then we’re doing buy trades. And if the reverse, we’re focusing on sell trades.
The rest is just entry and exit, emotional control, risk management and “being enough“ with your results.
Have a good final trading day of the week!
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