Sell below 113.95. Stop loss at 114.95. Take profit at 112.56. Reason for the trading strategy (technically): Price has reached our profit target perfectly. We now turn bearish below 113.95 resistance (Fibonacci retracement, horizontal resistance) for a drop down to 112.56 support (Fibonacci retracement, horizontal overlap support). Stochastic (21,5,3) is seeing strong resistance below the 94% level. Reason for the trading strategy (fundamentally): The main news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a lower value and a weaker forecast which means a weaker USD, which goes in line with our bearish USDJPY trade.
will ppl stop telling ppl to prepare when in fact you see complete bullishness? ;)
theforexarmy
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@TradZ, when *you* see complete bullishness. The market doesn't revolve around you.
TradZ
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@theforexarmy, It seems to be today ;) THIS is the trade I've been waiting for, for awhile now and ppl have been calling SHORT allday when I know it will just not yet as you can see complete bullishness! Relax bears, have more patience, it will go down eventually when it's your turn ;)
theforexarmy
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@TradZ, For my sake, I hope you are wrong, lol. Only time will tell buddy :)