Learn How To Trade - Forex Update: Buying USDJPY Above Support and 100 DSMA

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To Get Ross' Free Forex Update Analysis and Learn How To Trade - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=learn_how_to_trade&ad=01oYeyNPjTQ Over the past several days, we've seen a pretty strong move higher for the USDJPY as it bottomed out down here into the 109-level. It started moving up, hesitating at a couple of specific intervals. It found congestion around this pink-shaded area, the bottom of this black box right around 110.90 to 110.65. Moved up. Found a few days, where it found congestion between 111.45 and 111.20. And then it broke out and moved up. And now we're in this area between we'll call it 112.45, the blue zone, and the green zone, 112.00. Let's go ahead and zoom it in on this, so we could see this a little bit better. So, here we go. There it is, moving up. Found a little congestion, the pink zone, the orange zone, and now we're sitting on top of the green zone. Again, 112.05 to 111.85 is the green zone. We also find that the 100-period simple moving average sits right here just underneath the current market. In fact, three days now we have been above the 100-period simple moving average as we view it here on the daily timeframe. So, as long as it's above there, we expect there could be support above the moving average and the possibility of the continuation of the rising trend pattern. Fibonacci from the low, the last low that we see here on the chart, and our most recent resistance high puts the .236 right at the green-shaded area as well, right in the middle of green-shaded area. The .382 sits down here at the orange zone. So, for the time being, as long as it's above the green zone, like it was the past two days, we would suspect there would be some support here and the fact that it could continue the rising trend action that we've seen over the past few days. Not only is it sitting above the green zone and the 100-period moving average and the .236. You follow it back here and that green zone is really there because of this last resistance high. So, we're sitting actually on top of that last resistance. We all know that historical resistance can help us identify future support. So, resistance becoming support. 100-period moving average. .236 fib. All of that giving us a clue that we could look for some support here and the continuation of the uptrend. The risk is pretty easy to figure out as well. The risk is we don't want it to break underneath there. We don't want it to break the 100-period moving average because the likelihood then, once it does that, is that it at least goes down to the orange zone. The .382 Fibonacci retracement level lives there in this last area of congestion. 50 percent, by the way, lives down here at the pink-shaded area that we started to find congestion within the uptrend and the .618 all the way down here towards this yellow zone. So, we really just want to see it stay above the green zone, above the .236, above the 100-period moving average, and the historical resistance for the turn back higher. Minimum to the blue zone. That would be back to 112.30, 112.45. Likely better would be the pressure towards the last resistance high into the 112.70, 112.85-level. And then of course beyond that, we'd look for a new challenge and a new high to be made for the USDJPY today. https://www.youtube.com/watch?v=01oYeyNPjTQ Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.