USDJPY: Yen long update

Traders, all who followed my reccomendation to short USDJPY are in the money, and with good potential for more downside. We have entered positions to long the Yen (long JPYUSD, short USDJPY, long FXY) and are looking to add to it, either on retrace, any kind of new high, or after a new time at mode signal emerges in the daily chart. For the time being, keep the trade running, you might be able to book half if you want, and move stop loss to entry (not 100% needed).

There are 3 possible targets for this trade, the lowest one being the monthly range expansion validation target. If we don't hit this level by May 31st, we might have good opportunities to fade the decline with any valid long setup.
For the time being, I'd only look for shorts in this pair, until we either hit the targets, or the downtrend time runs out.
The weekly/3 day chart downtrend signal implies continued downside until at least May 26th.

Good luck if in the trade, or looking to enter new positions, or join the trend. There will be more chances to do so on the way down, and we will take all opportunities with my private group.

Cheers,

Ivan Labrie.

Trade active:

(Added to my short 6 hours ago)

Comment:

Added again on the slight retracement, and have some more sells slightly higher.
Core position is in, so, these are smaller.
Aiming for 102-105.

Comment:

Added to shorts again.

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I added to the short twice, today's action was very bearish, noticed how the daily bar closed? It's a down bar, and a key reversal bar too.
I expect to meet my lowest target in this one.
Let's see how it goes.

Comment:

We should be seeing more downside progress within 2 days, if not, we might consolidate around here before continuing lower.

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Wise to reenter shorts with a wide stop to keep risk small. 1-3 daily ATR is fine.

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If you reentered with me, well done.

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If we fail and break the mode up, this is a large scale rally.

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The BOJ opted for the red path.