USDJPY has tested the Brexit key level, and is currently fighting the monthly uptrend mode, which if it is broken down, could lead to an extended decline in this pair, a very dramatic one at that.
I'm short from yesterday's high give or take, you may enter here if you didn't short at resistance, and use stops at least above yesterday's high, if conservative, over the 104 handle.
Refer to the related idea for more information on the big picture in this pair.
With the BOJ already at the rope's end, when it comes to easing, JGB's at record low yields, into negative territory, and a risk off rally strengthening the Yen and Gold, I don't think we have much risk in long Yen positions for the time being.
At the very least, it'd be a good addition to a balanced portfolio here.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
I'm short from yesterday's high give or take, you may enter here if you didn't short at resistance, and use stops at least above yesterday's high, if conservative, over the 104 handle.
Refer to the related idea for more information on the big picture in this pair.
With the BOJ already at the rope's end, when it comes to easing, JGB's at record low yields, into negative territory, and a risk off rally strengthening the Yen and Gold, I don't think we have much risk in long Yen positions for the time being.
At the very least, it'd be a good addition to a balanced portfolio here.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Comment:
The Nikkei had some more room up, hence USDJPY not falling much yet, but still holding shorts.
Comment:
Still in the short, we might be ready to fall soon.
Trade closed manually:
There seems to be a broad dollar rally, since oil seems to have topped. I'd rather be flat USDJPY, since the key level here didn't hold the advance yet.
Comment:
Good move to the downside today, this might be the resumption of the downtrend.
Comment:
I shorted from 102.15, stop 102.52. If we break the levels on chart and close below on the daily we might see continuation to the downside asap.
Comment:
3R profit hit, watching in case we need to book profits.
