DISCLAIMER
First off, I want to say that I am an AMATEUR trader and still learning. I wanted to publish this idea to see if I am doing this properly and to generate some discussion.
Fundamental Analysis
USD/JPY is in a serious downtrend since they introduced negative interest rates at the end of January. The BOJ has yet to intervene with the strength of the Yen. Until firm intervention is announced, the Yen's value will continue to rise unchecked.
Technical Analysis
While the overall trend is bearish, there has been slight upturn as of late, pushing USD/JPY back up to 109. The Tenkan-sen crossed the Kijun-sen and is approaching the cloud. Traders may want to hold until a break through the cloud is clear before entering a buy position.
TP around 109.4-109.5
I welcome any comments/criticisms about this trade. I have already bought at 108.609 Thanks, and happy trading!
First off, I want to say that I am an AMATEUR trader and still learning. I wanted to publish this idea to see if I am doing this properly and to generate some discussion.
Fundamental Analysis
USD/JPY is in a serious downtrend since they introduced negative interest rates at the end of January. The BOJ has yet to intervene with the strength of the Yen. Until firm intervention is announced, the Yen's value will continue to rise unchecked.
Technical Analysis
While the overall trend is bearish, there has been slight upturn as of late, pushing USD/JPY back up to 109. The Tenkan-sen crossed the Kijun-sen and is approaching the cloud. Traders may want to hold until a break through the cloud is clear before entering a buy position.
TP around 109.4-109.5
I welcome any comments/criticisms about this trade. I have already bought at 108.609 Thanks, and happy trading!
Comment:
Well the trade stopped out at the S/L. The positive is that I was able to actually predict the proper support for the stop (lol). But anyways, no break out. The trade ran into the cloud and dropped.
