Fundamentally JPY looks extremely strong as usually it counts as a safe haven when the risk-off scenario prevails in the market. Indices falling sharply and my personal view is that there is still room to go down taking into account all of the latest fundamenal developments.
Technically, JPY has formed a rising wedge and looks like it is ready to break it in the upcoming hours. As a result for me, it looks like an ideal day-trade with a pretty good RRR of over 2.
The idea is to trade the break-down with the SL above the recent high and TP based on the M.P.O. projection. There is a high possibility that the price action will demonstrate an even more severe drop, thus am going to trail the stop after my initial TP level will be reached.
The break of the wedge should occur in the next 4-5 hours in order the pattern and the overall trade set-up to be valid.
Wish all a great trading day! Check my other ideas, and support me with likes, please.
Technically, JPY has formed a rising wedge and looks like it is ready to break it in the upcoming hours. As a result for me, it looks like an ideal day-trade with a pretty good RRR of over 2.
The idea is to trade the break-down with the SL above the recent high and TP based on the M.P.O. projection. There is a high possibility that the price action will demonstrate an even more severe drop, thus am going to trail the stop after my initial TP level will be reached.
The break of the wedge should occur in the next 4-5 hours in order the pattern and the overall trade set-up to be valid.
Wish all a great trading day! Check my other ideas, and support me with likes, please.
Trade active:
As expected , we got a break of the wedge. Down we go!
Comment:
Ideally, we should see a return move to the bottom of the wedge, thus for those who missed the initial break, there is a second chance to enter it. Around 112.2 - 112.3 level!
Trade closed: stop reached:
Messed up with the stop, should have been 3 pips above 112.4
