Entry - 109.75
Target - 108.19
Stop-loss - 110.53
Short position at the daily 30EMA (green line) and an area of previous S&R (light blue line). Following the 30EMA and 200MA crossover and breakdown at the end of December, USDJPY formed a bear flag. The potential problem here is that long monthly wick from the 104.7 level, but I'm looking for a retest of the 108.1 area before another move higher.
-Zedro
Target - 108.19
Stop-loss - 110.53
Short position at the daily 30EMA (green line) and an area of previous S&R (light blue line). Following the 30EMA and 200MA crossover and breakdown at the end of December, USDJPY formed a bear flag. The potential problem here is that long monthly wick from the 104.7 level, but I'm looking for a retest of the 108.1 area before another move higher.
-Zedro
Trade closed manually:
Closed manually at 109.945 for a 19.5 pip loss. There was not as much resistance at the daily 20EMA and I'm not liking the bull flag on the hourly chart. Also, there's been some long wicks off tests of the hourly 30EMA (near the top of the Ich Cloud) which make me feel like price is preparing for another leg higher. I have a feeling it's better to get out now as it's likely my stop will be hit.
-Zedro
-Zedro