Possible resistance level in the 103.7/9X region, this will be the first time that we're testing this region. Use tight stops considering good NFP today, USD/JPY can shoot through the level. Target 102.7X region (previously resistance, might turn into support), this is also the 38.2% fib level of the current up move (assuming 102.7X/9X holds).
Update: Price hit a low of 102.77, so the target has been reached and this trade is now finished.
Comments
ForexWeeklyAnalysis
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Someone messaged me asking why I considered the trade 'finished' despite the target not being hit. Well, if price shows signs of reversal, why would you risk your existing profits just to gain another 20 pips? At 102.93, you would've been +80 pips. At that point in time, you would only stand to gain another 20 pips, so it's not really worth it. If you still believe in the trade, you could re-enter again after a retrace. Right now for instance might be a good entry based on 30 minute pinbars:
Good job to those of you who reloaded, price hit a low of 102.77 (which is in line with my original target), so pat yourself on the back :).
ForexWeeklyAnalysis
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Update: Looks like price is bouncing, price hit a low of 102.93, which would've yielded 80 pips if you got in right when I posted this analysis on Friday. I should've held longer than I did but I don't like opening new positions on Fridays, which is why I closed mine. So at this point, I'd consider this trade finished.
ForexWeeklyAnalysis
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I got out way too early, could've made another 40 pips.... For the record, JPY pairs are my kryptonite, so I'm usually anxious when I trade them due to being wrong so many times in the past.
ForexWeeklyAnalysis
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Update: I chickened out, I closed my short for 20 pips at 103.515. The region is still valid for shorts, however, today may not be the day to get an entry. Watch the region in the beginning of next week.
tradingview.com/v/19MfQLBQ/