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Picking a direction to focus on can be difficult for a short term trader. Consider the USDJPY as a good example of an overall outlook and then bring that down to an intraday focus.
Currently the USDJPY Weekly chart shows support and a reverse head and shoulders reversal pattern at 88.00. Since coming off of that reversal it has broken above the weekly trend line near the 92.00 area and settled for the past couple of months between 92.00 and 95.00. Now higher lows over that past several months help to confirm the newly forming uptrend.
I think we can all agree that the spike back to 88.00 last week was an anomaly and isn’t part of the “overall” outlook.
All that being said, at this time the overall outlook is for buys between 92.00 and 90.00 with the expectation that we will see a break of 95.00 and a continuation of the new uptrend.
Trading is about finding the highest probable outcome. Having a directional focus increases that probability.
USD/JPY Chart Picture
