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USDJPY: Trend continuation via WRMB

This pair was covered yesterday during the Best Practice class on WRMB. I’ll going through in this blog post what was covered in class.

Looking at the overview on the higher time frame

USDJPY is current at Support on the D1 charts

USDJPY is current at Support on the D1 charts

  • Looking to form a bias, we see that recent movements on the D1 chart, price is up.
Clear WRMB criteria can be seen on the H4

Clear WRMB criteria can be seen on the H4

  • On the H4 chart, we can clearly see that price has done a WR of previous boxes low meeting the criteria of a WRMB.
  • We can also see a 1234 upflow pattern on the H4 chart.
  • We can see this 1234 is part of a Inverted Head & Shoulder pattern which would indicate bullishness.
Inverted Head & Shoulder pattern can be seen on D1

Inverted Head & Shoulder pattern can be seen on D1

Next Support & Resistance levels

Next Resistances can be seen on USDJPY

Next Resistances can be seen on USDJPY

  • Currently price is close to resistance. For it to be able to travel higher these levels needs to be breeched
  • Some key levels as resistance 101.50102.50, 102.90 (by Binni)
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6 thoughts on “USDJPY: Trend continuation via WRMB”

  1. Victoria Yam says:

    should the first key resistance be 102.50 rather than 101.50?

    1. Jerome Lee says:

      Yep, it should be 102.50. Good spot

  2. Jiun Chang Kelvin Lee says:

    A little puzzled on the resistance of 101.50 (by Binni). How come the resistance of 101.50 is below the current price? I thought resistance suppose to be above the current price?

  3. Binni Ong says:

    hahaha…..i thought nobody reading…thanks for pointing out, it was a genuine mistake! but a great trade

  4. Jiun Chang Kelvin Lee says:

    For price to move further up, it must go above 102.50 or 103.20?

    1. Jerome Lee says:

      102.50 is the 1st resistance level given, followed by 102.90. Ultimately for price to be able to move further up it needs to clear 103.20. But it doesn’t mean you can’t trade between the levels.

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