MEX_Exchange
Short

USDJPY approaching profit target perfectly, prepare to sell

FX:USDJPY   U.S. Dollar / Japanese Yen
Sell below 112.53. Stop loss at 113.41. Take profit at 110.98.
Reason for the trading strategy (technically):
Price has bounced up perfectly and is fast approaching our profit target as expected. We look to sell below major resistance at 112.53 ( Fibonacci retracement , horizontal overlap resistance) for a push down to at least 110.98 support ( Fibonacci retracement , horizontal overlap support, Fibonacci extension ).
Stochastic (34,3,1) is seeing major resistance below 97% and we expect a strong reaction off that level soon.
like+
Reply
Congrats brother. Another proven analysis indicating that we will hit 112.50 earlier! Will prepare to sell as per your plan.
Reply
Hey, no offense, but you don't think USD/JPY might stop around 112? because that is where it's resisting the Daily downtrend line, and unless it breaks through that, i personally don't see it going to 112.5.
If it breaks through, we might even be looking at 113.

I took profit on my USD/JPY buy trade just now at 111.95, going to wait now to short.

Similarly, GBP/JPY and EUR/JPY are reaching resistance, so JPY might be heading down against these pairs.

Conclusion: If it consolidates here and resists the trend line, I will short USD/JPY here, Taking first profit at 111.65/111.70, and then at 111.

goodluck :)
Reply
NannyOK skyisthelimit1
Reply
@NannyOK, I am short now at 112.130. Very small size however. I will wait to see if it breaks trend line or not. If it does, I will add more shorts if it resists around 112.282 (0.382 Fib) and if it breaks through that, then heavy short around 112.740/113 area with a stop loss above.

So anything is possible, Mr. MEX_Exchange can very well be right also, I respect his analysis and opinion! Most important to be patient and safe.
Reply
Is your EURUSD trade still active?
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out