Saravan
Short

USDJPY reaching 4 hour channel resistance

FX:USDJPY   U.S. Dollar/Japanese Yen
171 3 2
Hello Traders,

I placed a pending sell order at 105.70 which is the confluence of channel resistance,50 fib level and previous support turned resistance. I believe this pair still has room to go down to 103 level barring a surprise rate hike from fed tomorrow.

Good Luck!


Comment: Great. order filled in 5 minutes and spiked out in 10 minutes for -60 pips with the Japan's PM announcing more stimulus.

He waited until I create the short order and then released the stimulus news. :)
many must have got shot in the foot....The local business daily, Nikkei, reported that Bank of Japan (BOJ) officials were looking at multiple stimulus proposals ahead of the central bank's two-day policy board meeting starting Thursday.

what's next is looking at the retracement to Long, what's your take?
Reply
Saravan TucKinetti
I will wait for the daily price to close above the trend line before look for longs. But remember when they introduced negative interest rates few months back in one of the BOJ meeting it went up few hundred pips then fell sharply like 1000 pips. It may very well be "Buy rumour Sell news" kind of thing. Let's see what happens.
Reply
Now it's retesting the daily trend line.
snapshot
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