2026/03/06 USD/JPY Trade Strategy
Today's USD/JPY call: Buy.
We’re still near the highs on the daily chart, but it looks like price is about to break higher.
Will it break out right away, or form a pullback first?
Once price clears this price zone, there isn’t much resistance above, so it could rally straight up to around 158.9.
For day trading, I’m looking at around 158.3 as the first target.
Review
It played out as Scenario B.
Price came down without breaking above the upper wick near Line A, so I waited, targeting the area around Line B.
In the end it dropped below Line B as well, but it started moving up from the round number near the range low, so I went long at the red circle.
As long as Line C doesn’t break, Scenario B and the bullish bias remain in play, but if price had broken below this round number area, I think I would have been more cautious about entering.
After the entry, price broke above Line A, and I took profit where the 5-minute chart (M5) formed a double top and started turning down (making lower highs) near the round number above. 30 pips
I wanted to close out the position before NFP (nonfarm payrolls), so this was the best timing.
This article reflects the author's personal view of the market. It does not recommend any specific trade; all investment decisions are your own responsibility.
