Short USDJPY – is it too obvious?

FX:USDJPY   U.S. Dollar / Japanese Yen
- USDJPY             seems to be caught in a pretty clear range on 4h and 1h charts
- resistance zone is between 118.60 and 118.90
- support zone is between 117.25 and 117.40

The daily chart has lower highs and price is mostly below 20EMA (on 1d chart), so I would prefer to short in that range, close but not reverse the position near support and in case price falls below 117.25 wait for a pullback to reshort again
I place a limit short order at 118.55, Risk-Reward = 2.87
SL@ 118.95 (-40), TP@ 117.40 (+150)

Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
DO you think it will go lower or higher?
fxstudent299 CryptoCurrency Inc.
I think it will open lower today (near 117) and then run again up towards 118.40
between 118.40 and 118.60 would be again good spot to short
Well done! I'm long now
...long? not a little too riisky? where is SL?
if long at all then between 117.30 and 117.45 with a SL under 117.25
everything else is not a clear idea for me, but good luck to you
HexVex fxstudent299
Longed at 117,550 moved my stop just above to protect my position so if it doesn't work out no loss in expectation for a move to 118 and beyond.
well done
seems like a day trading setup, which I am not that good at
I prefer to hold for 2-3 days more
...if we break 117.25 today, I would definitly not want to be long as the move could go at least till 116.10
HexVex fxstudent299
It can last as long as you want if the market is moving in the right direction :) Might also mean you get stopped out a few times and have to re enter until you decide the position isn't worth keeping.

Break of 117,4 and first stop is 116 .10 I agree.

Good luck!
Nice trade
i trade technicals and factor them in with fundamentals, we have strong US data tmro around 1pm gmt which supports a sell move.move.
HexVex godforex
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