Short USDJPY – taking contrarian view with great R-R

FX:USDJPY   U.S. Dollar/Japanese Yen
I took a short at 118.70, Risk-Reward = 6.5
SL@ 119.10 (-40), TP@ 116.10 (+260)
what if:
a. BOJ does not pressure on Yen
b. ECB gives more uncertainty the next day and stocks tank,
then Yen could sour and USD should fall before Davos

- from technical point of view a pretty easy trade as there is a false breakout over 118.70 and the next real support is at 116.05
- the volatility during the BOJ Press Conference could be a problem, as my SL is very tight
Disclaimer: There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
fxstudent299 PRO
2 years ago
SL moved to 118.40
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