SHORT TERM: 30MINS Candlestick Chart
USDJPY is Bearish because we have a clear Structural Failure in Price.
Wave 1 to Wave 2 has failed to make a Higher High that will continue the Bullish trend, instead price turned down from wave 2 making a lower low Correction in this pair is complete and we expect lower prices.
The next phase of this downtrend is in its early stage and we will short every rally from now until the trend change again.
SHORT:Below 108.440
STOP LOSS:108.65
TARTGET 1: 108.14 Close 50%
TARGET 2: 107.76 Close 25%
EXIT AT 107.47.
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USDJPY is Bearish because we have a clear Structural Failure in Price.
Wave 1 to Wave 2 has failed to make a Higher High that will continue the Bullish trend, instead price turned down from wave 2 making a lower low Correction in this pair is complete and we expect lower prices.
The next phase of this downtrend is in its early stage and we will short every rally from now until the trend change again.
SHORT:Below 108.440
STOP LOSS:108.65
TARTGET 1: 108.14 Close 50%
TARGET 2: 107.76 Close 25%
EXIT AT 107.47.
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Trade active
Comment:
TARTGET 1: 108.14 Close 50% Achieved!
Comment:
So after a nice break below our first target, USDJPY is finding a little difficulty with momentum to the downside. This is normal reaction, we can adjust our stop to 108.25 to cover the 2nd structural point.
Comment:
So our stop loss has been tested and price did not trade above it. Price made a high of 108.23 2pips short of it. Keep the short position next level is 107.76
USDJPY-5MINS CHART
USDJPY-5MINS CHART
Trade closed: target reached:
All short closed. Overall not a bad trade from monday. 50 % closed at 30Pips and the rest at 18Pips.