Technically the USDJPY is in a BULL TREND ACCELERATION posture after producing a big positive signal. The MKT is in "play" and aggressive action is expected off of technical signals. Anticipate opportunity and position management adjustments, as quick price action is likely.
The 9207 Inflection Pivot is the low point for any pull back if the positive signal is going to remain in force.
On the SELL side REVERSAL strategies can be executed off of major resistance levels at 9379 and 9548. Expectations should be for an immediate exhaustive turn with the MKT quickly moving away from the area. A gradual decline folowing a reversal signal and it more likely just a pause before another round of buying, so in either scenerio keep position management tight. Avoid SELL FADE strategies even with confirmation, as this is more likely a lid for a BREAKOUT BUY strategy. SELL BREAKOUT strategies below 9243 and 9207 are not recommended but can be used as a signal for a FADE against Directional resistance at 9311.
On the BUY side accept FADE, REVERSAL and BREAKOUT strategies above the previous sessions low point. BREAKOUT strategies above 9379 should just "go", so do not risk much. Be wary of these strategies early in the session and look to exit on the 1st break in strucutre. BUY FADE strategies off the 9243 and 9207 support levels are recommended over REVERSAL strategies as the MKT is expected to hold higher structure and any failure should be considered a potential negative corrective shift. The MKT is aggressively bid which should keep pace throughout the session if the TREND ACCELERATION forecast is going to play out.
Note: The worst-case scenario for a MKT in this technical position is to go higher early in the session and then break all day. Be alert to recognize this. If you have > 3 loser long trades consider taking the next sell signal anticipating a corrective turn. Remember in this technical position if the MKT is going higher it should just go. If not there is the potential for a corrective break or digestive trading environment.
JS
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