IvanLabrie

USDJPY: Better to leave it alone until the 24th

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY daily charts indicate we're temporarily in a downtrend, and the weekly chart suggests it's wise to wait for bearish momentum to slow down in this time scale, before attempting to go long. Weekly and monthly trends show an uptrend, according to the RgMov indicator, and have good potential, once the downside is exhausted.

If we don't hit 109.536 by Feb 24th, we could assume the bears have lost steam, and buyers will be taking control once again. I'll update this chart with future developments. For now, better buy TLT , or some other bond proxy, perhaps even short $USDJPY , but it's simply safer to leave it be, and wait to buy at the bottom.
Sometimes, doing nothing is the best thing to do...

Cheers,

Ivan Labrie.
Comment: If you want, you can risk a buy with stop at 109.536, last: 112.95
Comment: One more week to go.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Crypto, Equities and Commodities. Contact me here or @ http://www.fb.me/LabrieTrading

Comments

Buy was three days ago , correct your channel , cheers :)
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IvanLabrie ChimbOt
@ChimbOt, what do you mean?
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