A shorting opportunity for USD/JPY, finally, however,
patience is still key.
Keep an eye on the USD index, currently
on the weekly time frame the USD index is at the 78.6%
Fib retracement level measured from 95.15 to 88.25, and for
those who use the Ichimoku Cloud indicator, price is currently
testing the bottom of the Senkou span, thus, a rejection
there could mean the end of the USD rally, at least for
the moment.
Trade 1 (RvR ratio 3.02 with ATR 2)
Entry: Close below 110.600
S/L: 111.080 (or x pips above point D)
T/P 1: 110.116
T/P 2: 109.565
T/P 3: 109.152
Trade 2 (RvR ratio 2:1)
Entry: Close below 109.152
S/L: 109.402
T/P 4: 108.646
As always, scale out your profits and adjust your stop/loss
to suit your risk management profile.
Happy trading
patience is still key.
Keep an eye on the USD index, currently
on the weekly time frame the USD index is at the 78.6%
Fib retracement level measured from 95.15 to 88.25, and for
those who use the Ichimoku Cloud indicator, price is currently
testing the bottom of the Senkou span, thus, a rejection
there could mean the end of the USD rally, at least for
the moment.
Trade 1 (RvR ratio 3.02 with ATR 2)
Entry: Close below 110.600
S/L: 111.080 (or x pips above point D)
T/P 1: 110.116
T/P 2: 109.565
T/P 3: 109.152
Trade 2 (RvR ratio 2:1)
Entry: Close below 109.152
S/L: 109.402
T/P 4: 108.646
As always, scale out your profits and adjust your stop/loss
to suit your risk management profile.
Happy trading