USDJPY - Retesting Lower Trend Line of Bullish Channel - BOUNCE
There is the potential to go LONG off the lower trend line of the currently BULLISH channel on
USDJPY
. We would be looking to get into this market around 113.500 on a bounce.
With the recent re-election of Abe in Japan, we figure that the JPY will weaken slightly through the end of the year. With this in mind, and hopefully with things in North Korea settling down, we believe the USD will gain against the JPY through the remainder of 2017. We will keep a tight stop at 113.000 in case we get a break of the lower trend line. This is a mid-term play through the end of 2017. If trade is initiated, we will keep a close eye on supports and resistance levels to determine if we would take profit early or initiate a partial close or two.
ENTRY
Around 113.500 off the lower trend line.
STOP LOSS
113.000
TARGET
115.000
Published on 10/25/17
USDJPY
. We would be looking to get into this market around 113.500 on a bounce. With the recent re-election of Abe in Japan, we figure that the JPY will weaken slightly through the end of the year. With this in mind, and hopefully with things in North Korea settling down, we believe the USD will gain against the JPY through the remainder of 2017. We will keep a tight stop at 113.000 in case we get a break of the lower trend line. This is a mid-term play through the end of 2017. If trade is initiated, we will keep a close eye on supports and resistance levels to determine if we would take profit early or initiate a partial close or two.
ENTRY
Around 113.500 off the lower trend line.
STOP LOSS
113.000
TARGET
115.000
Published on 10/25/17
Trade active
Comment:
Moving up the channel nicely. If we break above 114.00 we will move our stop loss to just above break even to lock in a mild amount of profits.
Comment:
114.000 touched. Moving Stop to Break Even