USDJPY Opportunity for Short Short

U.S. Dollar/Japanese YenFXCM

Description

⋅ Jul 9, 2018 10:16 PM

Slow and sloppy movement towards resistance at 111.125
- Sell anywhere between 110.900 - 111.000
- Set Stop Loss at 111.125 - if it breaks this level, there is upward bias
- Take Profit at 110.395 - possibility for much lower

* I am not an expert, this is just my opinion based on Technical Analysis*

FX:USDJPY

Trade active

⋅ Jul 10, 2018 1:39 AM

Short position is still valid. Waiting for rejection confirmation. If there is a drop, it will be a HEAVY one.

Comment

⋅ Jul 10, 2018 1:43 AM

If you agree or think otherwise, let me know in the comments!

Trade closed: stop reached

⋅ Jul 10, 2018 12:41 PM

Exit Trade

Trend Analysis

Comments

CuongCu

⋅ Jul 10, 2018 12:20 AM

i think USDJPY will up to 112 or 114 .

Chintalp1

⋅ Jul 10, 2018 1:08 AM

@CuongCu, Thank you for your comment! Yes, there is possibility for the upward trend continuous into the 112-114 area, however at this time USDJPY looks overbought and we have major resistance at the 111.135 level. Along with that we have the classic 61.8% daily fib retracement resting almost perfectly at said resistance level.
So IF USDJPY breaks out of 111.125 then YES 112-114 is very possible.
However, until then my cards are on the rejection at 111 downwards to 108-110.
We shall wait for more information.
Thank you for you insight.