AbhishekHSinghCMT

USDJPY- LONG SHORT STRATEGY....

FX:USDJPY   U.S. Dollar/Japanese Yen
64 0 4
I was very clear from my last update that we shall go short only if 108.500 is broken downside for risky traders & safe traders could have gone short only below 108.120--Thanks..I was saved from assuming that market is still bearish ..well I could have taken bearish stand only if 108.120 was broken which never happened & the pair is almost retracing close to 80% of previous fall from 109.733 to 107.863- giving us V-shape recovery & suggesting that it could be turn around time for the pair.. Currently we are having flag pattern which could have target as equal to the pole prior to flag consolidation which comes as 35 pips from flag bottom@108.98..
Trading Opportunity- Risky Traders or Aggressive Traders can go long@108.99 with stop 108.74 for targets --109.25--109.35.
Once we reach 109.25--109.35...I shall come back again as we will have shorting opportunity for targets in the 108.70--108.80 ( which can give 60-70 pips short trade once identified properly)... Regards, Abhishek H.Singh,CMT
Trade active: Risky traders should trail stop losses at cost@108.98..................
Trade closed manually: We shall exit @109.02...looks like ...we will have failed flag pattern once 108.98 is broken downside....one can trade that pattern as well for the zone 108.75-108.78. Trade with care & proper risk management.
Trade active: We are trading failed flag pattern below 108.98....for targets 108.75--108.78 with strict stoploss@109.13.. Regards
Trade closed manually: Short Trade Closed very close to 108.83.....it dips very close to the zone 108.75--108.78....If not booked one can hold with stoploss-109.01
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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